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Stocks rise on buoyant Dow Jones
By Feng Jianmin |
September 27, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose taking its cue from a strong performance in overseas markets, but the gains were moderated by concerns over tight liquidity.
The benchmark Shanghai Composite Index closed 0.3 percent higher to 2,400.41 points, after gaining as much as 1 percent in the morning session. Turnover rose to 28.3 billion yuan (US$4.4 billion) from yesterday morning's 26 billion yuan.
The Dow Jones industrial average jumped 2.53 percent overnight, the largest gain in more than two weeks, after European officials vowed to take action to resolve the region's debt problems.
In China, liquidity was at its tightest since September 1. The benchmark money rate jumped 0.8567 percentage point to 4.6667 percent today.
Property developers dropped after Standard & Poor's said in a report today that Chinese developers faced an "increasing severe" credit outlook. Gemdale Corp fell 1 percent to 5.05 yuan.
Jiangxi Copper Co, the nation's biggest producers of the metal, gained 0.75 percent to 26.98 yuan among commodity producers as raw-material prices rebounded. Aluminum Corp of China edged up 0.4 percent to 8.36 yuan.
The benchmark Shanghai Composite Index closed 0.3 percent higher to 2,400.41 points, after gaining as much as 1 percent in the morning session. Turnover rose to 28.3 billion yuan (US$4.4 billion) from yesterday morning's 26 billion yuan.
The Dow Jones industrial average jumped 2.53 percent overnight, the largest gain in more than two weeks, after European officials vowed to take action to resolve the region's debt problems.
In China, liquidity was at its tightest since September 1. The benchmark money rate jumped 0.8567 percentage point to 4.6667 percent today.
Property developers dropped after Standard & Poor's said in a report today that Chinese developers faced an "increasing severe" credit outlook. Gemdale Corp fell 1 percent to 5.05 yuan.
Jiangxi Copper Co, the nation's biggest producers of the metal, gained 0.75 percent to 26.98 yuan among commodity producers as raw-material prices rebounded. Aluminum Corp of China edged up 0.4 percent to 8.36 yuan.
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