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Stocks jump 1.45% as bankers' confidence rise
December 23, 2011, Friday
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THE Shanghai Composite Index snapped out of a four-day decline on a higher Bankers Confidence Index and improved US economic data.
The key index climbed by 1.45 percent to 2,218.01 points in the morning, with a turnover of 23.8 billion yuan (US$3.7 billion). The cement industry outperformed the other sectors with a jump of 6.96 percent, while developers rose by 2.34 percent.
According to the People's Bank of China, the Bankers Confidence Index in the fourth quarter rose by 4.4 percentage points to 59.3 percent, compared to the last quarter, indicating that Chinese bankers are less pessimistic about the economy.
The financial sector rose by 1.66 percent.
However, the Business Confidence Index continued to fall, and stood at 41.7 percent after a six-percentage-points drop, said the central bank. A figure below the 50 percent threshold indicates pessimism about the market.
Applications for unemployment benefits dropped by 4,000 cases to 364,000 in the US, it is the third weekly drop. Investors believe that the US economy has finally regained its strength based on its improving job market.
The key index climbed by 1.45 percent to 2,218.01 points in the morning, with a turnover of 23.8 billion yuan (US$3.7 billion). The cement industry outperformed the other sectors with a jump of 6.96 percent, while developers rose by 2.34 percent.
According to the People's Bank of China, the Bankers Confidence Index in the fourth quarter rose by 4.4 percentage points to 59.3 percent, compared to the last quarter, indicating that Chinese bankers are less pessimistic about the economy.
The financial sector rose by 1.66 percent.
However, the Business Confidence Index continued to fall, and stood at 41.7 percent after a six-percentage-points drop, said the central bank. A figure below the 50 percent threshold indicates pessimism about the market.
Applications for unemployment benefits dropped by 4,000 cases to 364,000 in the US, it is the third weekly drop. Investors believe that the US economy has finally regained its strength based on its improving job market.
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