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Shares rise in early trade on positive FDI
By Lydia Chen |
September 16, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market rose in the morning session, as blue chips jumped after China's August foreign direct investment showed businesses were still turning to the country.
Confidence among investors also enhanced after major central banks around the world pledged to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets from freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index added 0.42 percent to 2,489.39. Turnover was merely 26.7 billion yuan (US$4.18 billion).
Banks, the biggest sector in the local market, posted a cross-sector rise in the morning session.
The Industrial & Commercial Bank of China, the nation's largest lender, edged up 0.25 percent to 4.09 yuan. China Merchants Bank Co climbed 1.04 percent to 11.71 yuan.
Yanzhou Coal Mining was among the rising coal producers this morning with a rise of 0.94 percent to 28.05 yuan. Shanxi Lu'an Environmental Energy Development Co gained 1.22 percent to 29.84 yuan. China Shenhua Energy increased 1.93 percent to 25.89 yuan.
But UBS Securities said in a note that it might be hard to harvest profits from coal plays as demand and supply in the industry was almost balanced.
Overseas investment into China climbed 11.1 percent to a total of US$8.45 billion last month, after expanding 19.8 percent in July, the Ministry of Commerce said in a statement on its website yesterday. For the first eight months, investment rose 17.7 percent to US$77.63 billion.
Businesses are turning to China to bolster sales as rising unemployment and government indebtedness damp confidence in developed nations. Premier Wen Jiabao said on Wednesday China would continue opening its economy to investors and encourage consumption to drive growth.
Meanwhile, The European Central Bank yesterday said it would hold three fixed-rate issues between October and December to offer banks as many dollars as they needed in order to ease any funding shortfalls as the year ends.
The British and Swiss central banks also said they would conduct three-month dollar lending operations simultaneously with the ECB on October 12, November 9 and December 7.
Confidence among investors also enhanced after major central banks around the world pledged to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets from freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index added 0.42 percent to 2,489.39. Turnover was merely 26.7 billion yuan (US$4.18 billion).
Banks, the biggest sector in the local market, posted a cross-sector rise in the morning session.
The Industrial & Commercial Bank of China, the nation's largest lender, edged up 0.25 percent to 4.09 yuan. China Merchants Bank Co climbed 1.04 percent to 11.71 yuan.
Yanzhou Coal Mining was among the rising coal producers this morning with a rise of 0.94 percent to 28.05 yuan. Shanxi Lu'an Environmental Energy Development Co gained 1.22 percent to 29.84 yuan. China Shenhua Energy increased 1.93 percent to 25.89 yuan.
But UBS Securities said in a note that it might be hard to harvest profits from coal plays as demand and supply in the industry was almost balanced.
Overseas investment into China climbed 11.1 percent to a total of US$8.45 billion last month, after expanding 19.8 percent in July, the Ministry of Commerce said in a statement on its website yesterday. For the first eight months, investment rose 17.7 percent to US$77.63 billion.
Businesses are turning to China to bolster sales as rising unemployment and government indebtedness damp confidence in developed nations. Premier Wen Jiabao said on Wednesday China would continue opening its economy to investors and encourage consumption to drive growth.
Meanwhile, The European Central Bank yesterday said it would hold three fixed-rate issues between October and December to offer banks as many dollars as they needed in order to ease any funding shortfalls as the year ends.
The British and Swiss central banks also said they would conduct three-month dollar lending operations simultaneously with the ECB on October 12, November 9 and December 7.
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