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Stocks rise first time in 4 days
By Feng Jianmin |
September 27, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose for the first time in four days as worries over the European debt crisis dissipated, but gains were moderated by concerns over China's tight liquidity and weakening industrial performance.
The benchmark Shanghai Composite Index closed 0.91 percent higher to 2,415.05 points. Turnover was to 56.3 billion yuan (US$8.8 billion).
The gain followed a strong performance in neighboring markets after two days of gains in US equities amid optimism that European leaders are closer to agreeing on ways to tame the region's credit crisis.
Japan's Nikkei 225 Stock Average rose 2.8 percent in Tokyo. South Korea's Kospi Index surged 5 percent and Hong Kong's Hang Seng Index increased 3.2 percent.
But in China, liquidity was at its tightest since September 1. The benchmark money rate jumped 0.8567 percentage point to 4.6667 percent today.
Meanwhile, profit growth in China's industrial companies continued to weaken during the first eight months of the year due to tightened credit and a contraction in manufacturing activity, the National Bureau of Statistics said today.
Property developers were mixed after Standard & Poor's said in a report today that Chinese developers faced an "increasingly severe" credit outlook. Gemdale Corp fell 1.2 percent to 5.04 yuan. China Vanke edged up 0.3 percent to 7.17 yuan.
Jiangxi Copper Co, the nation's biggest producer of the metal, gained 0.9 percent to 27.03 yuan among commodity producers as raw-material prices rebounded. Aluminum Corp of China rose 1.1 percent to 8.42 yuan.
Ping An, China's second-biggest insurance company, added 1.8 percent to 35 yuan after dismissing rumors that its main shareholders have reduced their stakes. Sheng Ruisheng, spokesman of Ping An, said its main shareholders had no plans to do so.
The benchmark Shanghai Composite Index closed 0.91 percent higher to 2,415.05 points. Turnover was to 56.3 billion yuan (US$8.8 billion).
The gain followed a strong performance in neighboring markets after two days of gains in US equities amid optimism that European leaders are closer to agreeing on ways to tame the region's credit crisis.
Japan's Nikkei 225 Stock Average rose 2.8 percent in Tokyo. South Korea's Kospi Index surged 5 percent and Hong Kong's Hang Seng Index increased 3.2 percent.
But in China, liquidity was at its tightest since September 1. The benchmark money rate jumped 0.8567 percentage point to 4.6667 percent today.
Meanwhile, profit growth in China's industrial companies continued to weaken during the first eight months of the year due to tightened credit and a contraction in manufacturing activity, the National Bureau of Statistics said today.
Property developers were mixed after Standard & Poor's said in a report today that Chinese developers faced an "increasingly severe" credit outlook. Gemdale Corp fell 1.2 percent to 5.04 yuan. China Vanke edged up 0.3 percent to 7.17 yuan.
Jiangxi Copper Co, the nation's biggest producer of the metal, gained 0.9 percent to 27.03 yuan among commodity producers as raw-material prices rebounded. Aluminum Corp of China rose 1.1 percent to 8.42 yuan.
Ping An, China's second-biggest insurance company, added 1.8 percent to 35 yuan after dismissing rumors that its main shareholders have reduced their stakes. Sheng Ruisheng, spokesman of Ping An, said its main shareholders had no plans to do so.
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