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Shanghai stocks rise on stronger oil giants
By Cai Chenyi |
March 24, 2011, Thursday
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Online Edition
Online Edition
THE Shanghai Composite Index edged up 0.09 percent to 2951.25. Turnover slid to 78 billion yuan (US$12 billion) from Wednesday's 138 billion yuan.
Analysts said the market was encouraged by positive statement of officials and economists. Yi Gang, vice governor of People's Bank of China, noted yesterday the China's interest rate is "comfortable", easing concerns for any further hike of interest rates. Besides, World Bank Chief Economist Justin Yifu Lin said China has the potential to achieve another 20 years of 8 percent annual growth.
A higher Flash Purchasing Managers' Index (PMI) for China is also positive news for the market. HSBC announced today that PMI for the manufacturing sector is expected to rise to 52.5 in March.
Main drivers were energy, pharmaceutical, textile sectors. Petrochina and Sinopec gained 1.87 percent and 0.58 percent respectively, becoming the main force to lift the market.
Analysts said the market was encouraged by positive statement of officials and economists. Yi Gang, vice governor of People's Bank of China, noted yesterday the China's interest rate is "comfortable", easing concerns for any further hike of interest rates. Besides, World Bank Chief Economist Justin Yifu Lin said China has the potential to achieve another 20 years of 8 percent annual growth.
A higher Flash Purchasing Managers' Index (PMI) for China is also positive news for the market. HSBC announced today that PMI for the manufacturing sector is expected to rise to 52.5 in March.
Main drivers were energy, pharmaceutical, textile sectors. Petrochina and Sinopec gained 1.87 percent and 0.58 percent respectively, becoming the main force to lift the market.
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