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Shares rise at midday after rally on US stock exchanges
By Ye Zhen |
June 15, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning after US exchanges gained on speculation central banks across the world may take action to boost liquidity.
The benchmark Shanghai Composite Index added 0.17 percent, or 3.82 points to 2,299.77 points. Turnover stood at 33.4 billion yuan (US$5.3 billion) in the morning session.
A senior G20 official said global central banks are preparing for coordinated action to inject liquidity and prevent a credit squeeze in case the Greek election on Sunday results in financial turmoil, Reuters reported yesterday.
US markets surged on the news. The S&P 500 rose 1.1 percent to 1,329.1 while the Dow Jones Industrial Average added 1.2 percent.
Pharmaceutical companies in Shanghai led the market gains on government preferential policies. Guangxi Wuzhou Zhongheng Group Co soared 6.2 percent to 11.61 yuan. Shanghai Pharmaceuticals Holding Co added 3.3 percent to 10.69 yuan. Zhejiang Conba Pharmaceutical Co gained 3.9 percent to 10.19 yuan.
Insurers gained as the government approved the establishment of three insurance asset management companies in a move to widen investment options of insurance funds. China Life Insurance, the country's biggest insurer, climbed 1.3 percent to 18.04 yuan. Ping An Insurance Co, China's second largest insurer, jumped 2.3 percent to 46.18 yuan. China Pacific Insurance (Group) Co rose 1.1 percent to 22.46 yuan.
Property developers sank after the People's Bank of China denied speculation the government plans to loosen home purchase restrictions. China Vanke, the nation's biggest developer, lost 1.6 percent to 9.13 yuan. Poly Real Estate, the second largest developer, fell 3 percent to 14.27 yuan. Gemdale Corporation dropped 2.1 percent to 7.07 yuan.
The benchmark Shanghai Composite Index added 0.17 percent, or 3.82 points to 2,299.77 points. Turnover stood at 33.4 billion yuan (US$5.3 billion) in the morning session.
A senior G20 official said global central banks are preparing for coordinated action to inject liquidity and prevent a credit squeeze in case the Greek election on Sunday results in financial turmoil, Reuters reported yesterday.
US markets surged on the news. The S&P 500 rose 1.1 percent to 1,329.1 while the Dow Jones Industrial Average added 1.2 percent.
Pharmaceutical companies in Shanghai led the market gains on government preferential policies. Guangxi Wuzhou Zhongheng Group Co soared 6.2 percent to 11.61 yuan. Shanghai Pharmaceuticals Holding Co added 3.3 percent to 10.69 yuan. Zhejiang Conba Pharmaceutical Co gained 3.9 percent to 10.19 yuan.
Insurers gained as the government approved the establishment of three insurance asset management companies in a move to widen investment options of insurance funds. China Life Insurance, the country's biggest insurer, climbed 1.3 percent to 18.04 yuan. Ping An Insurance Co, China's second largest insurer, jumped 2.3 percent to 46.18 yuan. China Pacific Insurance (Group) Co rose 1.1 percent to 22.46 yuan.
Property developers sank after the People's Bank of China denied speculation the government plans to loosen home purchase restrictions. China Vanke, the nation's biggest developer, lost 1.6 percent to 9.13 yuan. Poly Real Estate, the second largest developer, fell 3 percent to 14.27 yuan. Gemdale Corporation dropped 2.1 percent to 7.07 yuan.
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