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Stock index edges up to 5-week winning streak
By Lu Nengneng |
February 17, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock index inched up today, capping a five-week winning streak 鈥 the longest since November 2010.
The Shanghai Composite Index edged up 0.01 percent to 2,357.18 points, bringing the weekly gain to 0.22 percent. Turnover stood at 65.1 billion yuan (US$ 10.3 billion).
The market has been volatile this week amid concerns over a liquidity shortage. The central bank withdrew 6 billion yuan from the market through bill repurchases yesterday, leaving less room for imagining another monetary policy fine-tuning.
And the worsening European debt crisis, featuring the delayed rescue package for Greece, left investors worried about the future of China, which is the continent's largest trading partner.
Blue chips finally rallied today after Guo Shuqing, the head of China's Securities Regulatory Commission recently encouraged bullish investors to hunt for undervalued heavyweights.
Banks recovered from the previous overselling. Agricultural Bank of China was up 0.37 percent to 2.7 yuan. China Construction Bank jumped 0.62 percent to 4.87 yuan.
Property developers gained. China Vanke, the country's largest developer, rose 1.13 percent to 10.71 yuan. China Merchants Property Development increased 0.27 percent to 18.58 yuan.
Coal miners and metal producers eased the benchmark's gains. China Shenhua Energy, China's biggest coal producer, lost 0.07 percent to 27.09 yuan. Jiangxi Copper dipped 0.04 percent to 26.49 yuan.
The Shanghai Composite Index edged up 0.01 percent to 2,357.18 points, bringing the weekly gain to 0.22 percent. Turnover stood at 65.1 billion yuan (US$ 10.3 billion).
The market has been volatile this week amid concerns over a liquidity shortage. The central bank withdrew 6 billion yuan from the market through bill repurchases yesterday, leaving less room for imagining another monetary policy fine-tuning.
And the worsening European debt crisis, featuring the delayed rescue package for Greece, left investors worried about the future of China, which is the continent's largest trading partner.
Blue chips finally rallied today after Guo Shuqing, the head of China's Securities Regulatory Commission recently encouraged bullish investors to hunt for undervalued heavyweights.
Banks recovered from the previous overselling. Agricultural Bank of China was up 0.37 percent to 2.7 yuan. China Construction Bank jumped 0.62 percent to 4.87 yuan.
Property developers gained. China Vanke, the country's largest developer, rose 1.13 percent to 10.71 yuan. China Merchants Property Development increased 0.27 percent to 18.58 yuan.
Coal miners and metal producers eased the benchmark's gains. China Shenhua Energy, China's biggest coal producer, lost 0.07 percent to 27.09 yuan. Jiangxi Copper dipped 0.04 percent to 26.49 yuan.
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