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Shares rebound as Premier 'confident' on China, EU growth
By Feng Jianmin |
September 14, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index erased early losses to close up today as Premier Wen Jiabao expressed his confidence in China and Europe's economies.
The benchmark Shanghai Composite Index rose 0.55 percent to 2,484.83 points after dropping as much as 1.3 percent during the course of the day. Turnover rose to 54.8 billion yuan (US$8.6 billion) from yesterday's 51.9 billion yuan.
China will maintain its "active and prudent" fiscal and monetary policies to curb inflation while forging ahead with structural reforms and boost domestic consumption to sustain long-term economic growth, Premier Wen Jiabao told a forum today.
He added the Chinese government was confident that Europe would solve its debt problems and said China would increase investment in Europe.
Metal producers were mixed after base metal prices continued to decline on worries over global economic growth. Jiangxi Copper Co rose 1 percent to 31.05 yuan. Aluminium Corp of China lost 0.8 percent to 8.65 yuan.
Banks were weak. The Industrial and Commercial Bank of China fell 0.7 percent to 4.11 yuan, while the Agricultural Bank of China was down 0.8 percent to 2.55 yuan.
The benchmark Shanghai Composite Index rose 0.55 percent to 2,484.83 points after dropping as much as 1.3 percent during the course of the day. Turnover rose to 54.8 billion yuan (US$8.6 billion) from yesterday's 51.9 billion yuan.
China will maintain its "active and prudent" fiscal and monetary policies to curb inflation while forging ahead with structural reforms and boost domestic consumption to sustain long-term economic growth, Premier Wen Jiabao told a forum today.
He added the Chinese government was confident that Europe would solve its debt problems and said China would increase investment in Europe.
Metal producers were mixed after base metal prices continued to decline on worries over global economic growth. Jiangxi Copper Co rose 1 percent to 31.05 yuan. Aluminium Corp of China lost 0.8 percent to 8.65 yuan.
Banks were weak. The Industrial and Commercial Bank of China fell 0.7 percent to 4.11 yuan, while the Agricultural Bank of China was down 0.8 percent to 2.55 yuan.
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