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Stocks jump 1.23% on Eurozone debt hopes
By Feng Jianmin |
November 29, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in over two weeks, taking its cue from rallies in the overseas market on hopes that measures will be taken to relieve the Eurozone debt crisis.
The Shanghai Composite Index rose 1.23 percent to 2,412.39 points, the biggest daily gain since November 14. Turnover was 57 billion yuan (US$8.944 billion).
Sentiment improved on hopes that the European Union debt crisis will ease up, China's largest trading partner. German Finance Minister Wolfgang Schaeuble urged a fast-tracking of treaty changes to tighten budget discipline, while guidelines that finance ministers will discuss this week showed Europe's rescue fund may insure bonds of debt-stricken countries with guarantees of 20 percent to 30 percent.
STOXX Europe 600 was up 3.75 percent and the Dow Jones Industrial Average rose 2.6 percent yesterday.
Metal producers extended yesterday's gains. Jiangxi Copper Co, the largest producer of the metal in China, advanced 1.9 percent to 25.92 yuan. Zhongjin Gold Mining Co similarly grew 1.9 percent to 21.84 yuan.
Property developers rebounded in the afternoon. China Vanke added 1.4 percent to 7.17 yuan. Gemdale Corp increased 1.6 percent to 4.55 yuan.
The Shanghai Composite Index rose 1.23 percent to 2,412.39 points, the biggest daily gain since November 14. Turnover was 57 billion yuan (US$8.944 billion).
Sentiment improved on hopes that the European Union debt crisis will ease up, China's largest trading partner. German Finance Minister Wolfgang Schaeuble urged a fast-tracking of treaty changes to tighten budget discipline, while guidelines that finance ministers will discuss this week showed Europe's rescue fund may insure bonds of debt-stricken countries with guarantees of 20 percent to 30 percent.
STOXX Europe 600 was up 3.75 percent and the Dow Jones Industrial Average rose 2.6 percent yesterday.
Metal producers extended yesterday's gains. Jiangxi Copper Co, the largest producer of the metal in China, advanced 1.9 percent to 25.92 yuan. Zhongjin Gold Mining Co similarly grew 1.9 percent to 21.84 yuan.
Property developers rebounded in the afternoon. China Vanke added 1.4 percent to 7.17 yuan. Gemdale Corp increased 1.6 percent to 4.55 yuan.
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