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Yuan news invigorates Shanghai stocks
By Feng Jianmin and Pan Xiaoyi |
June 21, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks today posted the biggest daily gain in a month after the central bank pledged to increase yuan flexibility gradually.
The benchmark Shanghai Composite Index jumped 2.9 percent, or 72.99 points, to close at 2,586.21. Turnover stood at 81.7 billion yuan (US$12 billion). Nearly 95 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 2.93 percent to 1,041.33 points.
The people's bank said it will keep the yuan basically stable and manage an exchange rate based on the floating bands announced in the interbank foreign exchange market.
"Reform of the exchange rate may help to damp inflation and pressure to increase interest rates," according to a note from Guosen Securities, "and it may further encourage economic transformation from exports to high value-added service industries."
China Vanke grew 3.8 percent to 7.34 yuan. Suning Universal Co climbed 6.5 percent to 10.12 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co increased 3.8 percent to 18.97 yuan.
Bank of China rose 2.9 percent to 3.59 yuan. Industrial and Commercial Bank of China advanced 2.6 percent to 4.28 yuan. China Construction Bank went up 3.5 percent to 4.97 yuan.
China Life Insurance Co, the country's largest life insurance company, ascended 5 percent to 25.21 yuan. China Pacific Insurance (Group) Co soared 7.4 percent to 22.79 yuan. Ping An Insurance (Group) Co gained 4.7 percent to 47.02 yuan.
Airlines gained after Civil Aviation Administration of China reported that airline companies yielded a profit of 1.23 billion yuan in May. China Eastern Airlines Corp jumped 5.6 percent to 7.93 yuan. Air China rose 6.4 percent to 11.73 yuan.
The benchmark Shanghai Composite Index jumped 2.9 percent, or 72.99 points, to close at 2,586.21. Turnover stood at 81.7 billion yuan (US$12 billion). Nearly 95 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 2.93 percent to 1,041.33 points.
The people's bank said it will keep the yuan basically stable and manage an exchange rate based on the floating bands announced in the interbank foreign exchange market.
"Reform of the exchange rate may help to damp inflation and pressure to increase interest rates," according to a note from Guosen Securities, "and it may further encourage economic transformation from exports to high value-added service industries."
China Vanke grew 3.8 percent to 7.34 yuan. Suning Universal Co climbed 6.5 percent to 10.12 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co increased 3.8 percent to 18.97 yuan.
Bank of China rose 2.9 percent to 3.59 yuan. Industrial and Commercial Bank of China advanced 2.6 percent to 4.28 yuan. China Construction Bank went up 3.5 percent to 4.97 yuan.
China Life Insurance Co, the country's largest life insurance company, ascended 5 percent to 25.21 yuan. China Pacific Insurance (Group) Co soared 7.4 percent to 22.79 yuan. Ping An Insurance (Group) Co gained 4.7 percent to 47.02 yuan.
Airlines gained after Civil Aviation Administration of China reported that airline companies yielded a profit of 1.23 billion yuan in May. China Eastern Airlines Corp jumped 5.6 percent to 7.93 yuan. Air China rose 6.4 percent to 11.73 yuan.
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