Stocks post 6.1% weekly gain
By Feng Jianmin and Pan Xiaoyi |
July 24, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index gained yesterday, driving the benchmark index to its biggest weekly gain this year as the country's leaders again pledged a "moderately loose" monetary policy.
The benchmark Shanghai Composite Index rose 0.38 percent, or 9.62 points, to close at 2,572.03. The barometer gained 6.1 percent in the past five trading days -- its biggest weekly gain since December. Turnover expanded to 101.2 billion yuan (US$15 billion) from Thursday's 95.8 billion yuan.
President Hu Jintao said recently in a conference held with non-Communist Party officials that China will increase the flexibility of its macro-economic policies and implement a proactive fiscal policy, Xinhua news agency reported on late Thursday.
Premier Wen Jiabao also emphasized the need to boost domestic demand for the second time this week.
Their remarks will help ease market concerns over tightening measures and enhance investor confidence, Fortune Central China wrote in a research note.
"But the market will come under some pressure as China Everbright Bank is planning to sell 7 billion shares as early as August," the brokerage said.
Blue chips led the gains. The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.41 percent to 4.32 yuan. The Bank of China added 0.56 percent to 3.57 yuan. The Bank of Communications climbed 0.63 percent to 6.39 yuan.
The benchmark Shanghai Composite Index rose 0.38 percent, or 9.62 points, to close at 2,572.03. The barometer gained 6.1 percent in the past five trading days -- its biggest weekly gain since December. Turnover expanded to 101.2 billion yuan (US$15 billion) from Thursday's 95.8 billion yuan.
President Hu Jintao said recently in a conference held with non-Communist Party officials that China will increase the flexibility of its macro-economic policies and implement a proactive fiscal policy, Xinhua news agency reported on late Thursday.
Premier Wen Jiabao also emphasized the need to boost domestic demand for the second time this week.
Their remarks will help ease market concerns over tightening measures and enhance investor confidence, Fortune Central China wrote in a research note.
"But the market will come under some pressure as China Everbright Bank is planning to sell 7 billion shares as early as August," the brokerage said.
Blue chips led the gains. The Industrial and Commercial Bank of China, the nation's biggest lender, gained 1.41 percent to 4.32 yuan. The Bank of China added 0.56 percent to 3.57 yuan. The Bank of Communications climbed 0.63 percent to 6.39 yuan.
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