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Stocks rise slightly on positive news
By Wang Yanlin |
November 11, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose slightly today, boosted by positive global news and rising property shares after the central bank recognized the role of private lenders.
The Shanghai Composite Index edged up 0.06 percent to close at 2,418.08. But on a whole the market lost 1.87 percent this week, ending a gaining streak that lasted for two weeks.
The central bank on Thursday night said that China would for the first time legalize private lending to increase financial support for the agriculture sector and smaller enterprises.
"For cash-strapped real estate developers, it is also a piece of good news," said Zhang Gang, an analyst at Southwest Securities Co.
Shanghai-listed Jiangsu Phoenix Property Investment Co Ltd jumped the daily limit of 10 percent to 7.34 yuan, and Macrolink Group also expanded 8.24 percent to 6.57.
Markets in Europe strengthened after Greece announced that former European Central Bank Vice President Lucas Papademos would head the beleaguered government, raising hopes of securing a bailout from the European Union.
In the United States, the number of people who applied for unemployment benefits fell, brightening the outlook for American jobs and trade.
The weaker weekly performance on the Shanghai stock market this week linked closely with policy comments and the release of economic data.
Premier Wen Jiabao said earlier this week that China wouldn't loosen its property price curbs as prices remained unreasonably high, although some have started to lose steam. On Thursday, China reported exports had grown at the slowest pace in eight months in October, sending shares in Shanghai tumbling to a three-week low.
The Shanghai Composite Index edged up 0.06 percent to close at 2,418.08. But on a whole the market lost 1.87 percent this week, ending a gaining streak that lasted for two weeks.
The central bank on Thursday night said that China would for the first time legalize private lending to increase financial support for the agriculture sector and smaller enterprises.
"For cash-strapped real estate developers, it is also a piece of good news," said Zhang Gang, an analyst at Southwest Securities Co.
Shanghai-listed Jiangsu Phoenix Property Investment Co Ltd jumped the daily limit of 10 percent to 7.34 yuan, and Macrolink Group also expanded 8.24 percent to 6.57.
Markets in Europe strengthened after Greece announced that former European Central Bank Vice President Lucas Papademos would head the beleaguered government, raising hopes of securing a bailout from the European Union.
In the United States, the number of people who applied for unemployment benefits fell, brightening the outlook for American jobs and trade.
The weaker weekly performance on the Shanghai stock market this week linked closely with policy comments and the release of economic data.
Premier Wen Jiabao said earlier this week that China wouldn't loosen its property price curbs as prices remained unreasonably high, although some have started to lose steam. On Thursday, China reported exports had grown at the slowest pace in eight months in October, sending shares in Shanghai tumbling to a three-week low.
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