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Stocks rebound on Wen's bail-out remarks
By Lu Nengneng |
February 15, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose to the highest in two and half months today after Premier Wen Jiabao said China is ready to play a bigger part to bail Europe out of its debt crisis.
The Shanghai Composite Index snapped a two-day losing trend and edged up 0.94 percent, the biggest in a week, to close at 2,366.7 points. Turnover was 87.6 billion yuan (US$ 13.9 billion).
At a joint press conference yesterday with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, Wen stressed China's role in stabilizing a debt-ridden, hobbling Europe, which is China's biggest export market and source of imported technologies.
He didn't mention any specific investment, but noted that China holds an open and positive attitude towards the increase of International Monetary Fund resources and more engagement in solving the crisis through the European Financial Stability Facility and the European Stability Mechanism.
Shipping companies led the advance as their concerns over a contraction of trading activities were eased by the premier's remarks. COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, surged 6.9 percent to 4.79 yuan. China Shipping Development jumped 3.8 percent to 6.53 yuan.
Manufacturers relying on European markets also gained. Guangdong Huawei Toys Craft Co, which derives over half of its sales from Europe, rose 1.1 percent to 20.18 yuan. Andon Health Co, with 56 percent of its revenues coming from the continent, soared 4.57 percent to 10.52 yuan.
The Shanghai Composite Index snapped a two-day losing trend and edged up 0.94 percent, the biggest in a week, to close at 2,366.7 points. Turnover was 87.6 billion yuan (US$ 13.9 billion).
At a joint press conference yesterday with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, Wen stressed China's role in stabilizing a debt-ridden, hobbling Europe, which is China's biggest export market and source of imported technologies.
He didn't mention any specific investment, but noted that China holds an open and positive attitude towards the increase of International Monetary Fund resources and more engagement in solving the crisis through the European Financial Stability Facility and the European Stability Mechanism.
Shipping companies led the advance as their concerns over a contraction of trading activities were eased by the premier's remarks. COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, surged 6.9 percent to 4.79 yuan. China Shipping Development jumped 3.8 percent to 6.53 yuan.
Manufacturers relying on European markets also gained. Guangdong Huawei Toys Craft Co, which derives over half of its sales from Europe, rose 1.1 percent to 20.18 yuan. Andon Health Co, with 56 percent of its revenues coming from the continent, soared 4.57 percent to 10.52 yuan.
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