US plan helps key index climb
By Feng Jianmin |
December 7, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose to its highest in a week as hopes over more quantitative easing plans in the United States overshadowed worries about China's monetary tightening policies.
The Shanghai Composite Index added 0.5 percent, or 14.75 points, to 2,857.18. Turnover was 110.8 billion yuan (US$ 16.6 billion) yesterday, slightly higher than last Friday's 105.9 billion yuan.
Investors were worried after top Chinese leaders said last Friday that China would end the relatively loose monetary policies to cool inflation and maintain a proactive fiscal policy to sustain economic growth.
But their concerns were soon eased by Ben Bernanke, chairman of the US Federal Reserve, saying over the weekend that the country may print more money in order to buy government bonds. The decision gave rise to expectations for an increase in market liquidity.
But GF Securities said in a note that the market "is still under pressure from possible monetary tightening policies and a new round of property control measures."
Gold miners shone after bullion prices rose to a nearly three-week high of over US$1,410 per ounce.
Shandong Gold Mining Co gained 3 percent to 55.10 yuan, Zhongjin Gold Corp added 2.6 percent to 40.16 yuan and Zijin Mining Group Co, China's largest gold miner, rose 1.7 percent to 8.42 yuan.
GF Securities rose by the daily limit of 10 percent to 50.09 yuan. CITIC Securities grew 4.4 percent to close at 13.74 yuan.
The Shanghai Composite Index added 0.5 percent, or 14.75 points, to 2,857.18. Turnover was 110.8 billion yuan (US$ 16.6 billion) yesterday, slightly higher than last Friday's 105.9 billion yuan.
Investors were worried after top Chinese leaders said last Friday that China would end the relatively loose monetary policies to cool inflation and maintain a proactive fiscal policy to sustain economic growth.
But their concerns were soon eased by Ben Bernanke, chairman of the US Federal Reserve, saying over the weekend that the country may print more money in order to buy government bonds. The decision gave rise to expectations for an increase in market liquidity.
But GF Securities said in a note that the market "is still under pressure from possible monetary tightening policies and a new round of property control measures."
Gold miners shone after bullion prices rose to a nearly three-week high of over US$1,410 per ounce.
Shandong Gold Mining Co gained 3 percent to 55.10 yuan, Zhongjin Gold Corp added 2.6 percent to 40.16 yuan and Zijin Mining Group Co, China's largest gold miner, rose 1.7 percent to 8.42 yuan.
GF Securities rose by the daily limit of 10 percent to 50.09 yuan. CITIC Securities grew 4.4 percent to close at 13.74 yuan.
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