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Wen's words on economy reassures
By Ding Yining and Feng Jianmin |
September 15, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed almost unchanged yesterday as Premier Wen Jiabao's remarks about the strong state of China's economy helped investor sentiment.
The Shanghai Composite Index was flat at 2,688.52 points, 0.2 point higher from yesterday. Turnover was 141 billion yuan (US$ 20.9 billion).
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Wen said at the World Economic Forum's Summer Davos meeting in Tianjin on Monday.
China's top three airlines led gainers after they reported growth in passenger and cargo volume in August.
China Southern Airlines, the country's largest carrier by fleet size, jumped 5.55 percent to 7.99 yuan. China Eastern Airlines, the second-largest, soared 4.31 percent to 7.51 yuan. Air China, the flagship international airline, climbed 3.12 percent to 12.22 yuan.
Property shares lost some of their earlier gains after Wen reiterated that a solution would be found to rein in rises in home prices. Poly Real Estate, China's second-biggest listed property developer, dropped 0.3 percent to 11.39 yuan. Gemdale Corp, the fourth-biggest by market value, fell 0.5 percent 6.37 yuan.
China Petroleum and Chemical Corp, Asia's largest oil refiner, edged up 0.12 percent to finish at 8.26 yuan yesterday.
The Shanghai Composite Index was flat at 2,688.52 points, 0.2 point higher from yesterday. Turnover was 141 billion yuan (US$ 20.9 billion).
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Wen said at the World Economic Forum's Summer Davos meeting in Tianjin on Monday.
China's top three airlines led gainers after they reported growth in passenger and cargo volume in August.
China Southern Airlines, the country's largest carrier by fleet size, jumped 5.55 percent to 7.99 yuan. China Eastern Airlines, the second-largest, soared 4.31 percent to 7.51 yuan. Air China, the flagship international airline, climbed 3.12 percent to 12.22 yuan.
Property shares lost some of their earlier gains after Wen reiterated that a solution would be found to rein in rises in home prices. Poly Real Estate, China's second-biggest listed property developer, dropped 0.3 percent to 11.39 yuan. Gemdale Corp, the fourth-biggest by market value, fell 0.5 percent 6.37 yuan.
China Petroleum and Chemical Corp, Asia's largest oil refiner, edged up 0.12 percent to finish at 8.26 yuan yesterday.
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