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Stocks end morning session at 3-month high
By Ding Yining |
February 27, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai market extended its six-week rally and ended the morning session at a three-month high after auto makers and the media sector pushed up the index.
The benchmark Shanghai Composite Index rose 0.73 percent, or 17.87 points, to 2,457.49 points. Turnover was 71.9 billion yuan (US$11.4 billion).
Vice Premier Wang Qishan said over the weekend during an inspection tour in central China's Henan province that financial institutions should continue to carry out a prudent monetary policy to ensure financial stability.
Automobile makers surged after China included only domestic brands for its official vehicle purchases agenda this year. Dongfeng Automobile surged the daily limit of 10 percent to 3.81 yuan. Zhongtong Bus Holding Co jumped 9.39 percent to 9.09 yuan.
The General Administration of Press and Publication said in a guideline released over the weekend that publishing houses and media groups are encouraged to carry more merger and acquisitions and to introduce more strategic investors.
Media sectors surged. Jiangsu Phoenix Publishing & Media Co Ltd rose 2.69 percent to 9.56 yuan. Northern United Publishing & Media (Group) Co Ltd added 1.37 percent to 8.88 yuan.
Property developers were among the gainers amid expectations monetary easing could spur transaction volume.
COFCO Property (Group) Co hiked 6.54 percent to 5.05 yuan. China Vanke Co rose 1.65 percent to 8.65 yuan.
The benchmark Shanghai Composite Index rose 0.73 percent, or 17.87 points, to 2,457.49 points. Turnover was 71.9 billion yuan (US$11.4 billion).
Vice Premier Wang Qishan said over the weekend during an inspection tour in central China's Henan province that financial institutions should continue to carry out a prudent monetary policy to ensure financial stability.
Automobile makers surged after China included only domestic brands for its official vehicle purchases agenda this year. Dongfeng Automobile surged the daily limit of 10 percent to 3.81 yuan. Zhongtong Bus Holding Co jumped 9.39 percent to 9.09 yuan.
The General Administration of Press and Publication said in a guideline released over the weekend that publishing houses and media groups are encouraged to carry more merger and acquisitions and to introduce more strategic investors.
Media sectors surged. Jiangsu Phoenix Publishing & Media Co Ltd rose 2.69 percent to 9.56 yuan. Northern United Publishing & Media (Group) Co Ltd added 1.37 percent to 8.88 yuan.
Property developers were among the gainers amid expectations monetary easing could spur transaction volume.
COFCO Property (Group) Co hiked 6.54 percent to 5.05 yuan. China Vanke Co rose 1.65 percent to 8.65 yuan.
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