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September 18, 2009

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Home » Business » Finance

Stock market adds 2% for monthly high

SHANGHAI'S stock market, led by banking shares, added more than 2 percent yesterday, closing at the highest level in a month, after a high-ranking central bank official pledged stable economic development.

The benchmark Shanghai Composite Index rose 2.02 percent, or 60.55 points, to close at 3,060.26. Turnover climbed to 178.1 billion yuan (US$26.1 billion) from 168.3 billion yuan on Wednesday.

"China will maintain its appropriately loose monetary policy until next year," the Beijing-based Economic Observer reported on its Website, citing People's Bank of China Vice Governor Su Ning. The central bank will maintain smooth economic development but sees no clear sign of economic recovery overseas, he was quoted as saying.

"Banks and financial shares lifted the index as investors remain optimistic about the stimulative policy of the central government," said Chen Zhuomin, an analyst at Jiangnan Securities.

The Industrial and Commercial Bank of China, the nation's biggest lender, advanced 3.02 percent to 5.11 yuan. The Bank of China rose 1.50 percent to 4.06 yuan.

Brokerages lifted the index on expectations that the resumption of initial public offerings and the launch of Growth Enterprise Market will generate more profits. Pacific Securities added 1.86 percent to 16.47 yuan. Sinolink Securities rose 1.66 percent to 21.99 yuan.

Oil companies were strong after crude for October delivery added 2.2 percent to US$72.51 per barrel in New York on Wednesday. PetroChina added 1.9 percent to 13.76 yuan.


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