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Stocks rise on EU debt breakthrough
By Feng Jianmin |
October 17, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose slightly in the morning session on easing worries over the European debt crisis and on speculation that China's domestic inflation has peaked.
The benchmark Shanghai Composite Index edged up 0.18 percent to 2,435.66 point in the morning session. Turnover was 33 billion yuan (US$ 5.2 billion).
European officials' strategy to beat the 2-year sovereign debt crisis over the weekend won the backing of Group of 20 financial leaders from major economies including the US, Britain, Canada and China. They urged the region's leaders to deal "decisively" with the turmoil when they meet for emergency talks next weekend.
Meanwhile, China International Capital Corporation said in a report today that Chinese stocks would extend recent rallies as inflation may have peaked and excessive pessimism and capitulation may signal that equity markets were bottoming out.
Consumer staple producers led the gainers. Kweichow Moutai Co, China's biggest liquor maker, rose 2.1 percent to 195.46 yuan. Wuliangye Yibin Co added 1.7 percent to 36.58 yuan.
Banks were mixed. Bank of China fell 0.7 percent to 2.98 yuan. China Merchants Bank rose 1.4 percent to 11.84 yuan.
The benchmark Shanghai Composite Index edged up 0.18 percent to 2,435.66 point in the morning session. Turnover was 33 billion yuan (US$ 5.2 billion).
European officials' strategy to beat the 2-year sovereign debt crisis over the weekend won the backing of Group of 20 financial leaders from major economies including the US, Britain, Canada and China. They urged the region's leaders to deal "decisively" with the turmoil when they meet for emergency talks next weekend.
Meanwhile, China International Capital Corporation said in a report today that Chinese stocks would extend recent rallies as inflation may have peaked and excessive pessimism and capitulation may signal that equity markets were bottoming out.
Consumer staple producers led the gainers. Kweichow Moutai Co, China's biggest liquor maker, rose 2.1 percent to 195.46 yuan. Wuliangye Yibin Co added 1.7 percent to 36.58 yuan.
Banks were mixed. Bank of China fell 0.7 percent to 2.98 yuan. China Merchants Bank rose 1.4 percent to 11.84 yuan.
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