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Good news brings market relief
SHANGHAI'S key stock index inched up after three days' losses yesterday thanks to good news from the official publication of the central bank.
The benchmark Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 0.03 percent, or 0.74 points, to 2,277.41 after hitting a low of 2249.12.
Gainers outnumbered losers 608 to 236 while 38 remained unchanged. Turnover in the local market shrank to 26.52 billion yuan (US$3.9 billion), compared with 33.37 billion yuan on Wednesday.
The Shenzhen Composite Index, which tracks the smaller domestic stock exchange, added 0.68 percent, or 4.3 points, to 631.80.
Financial News, the official publication of the People's bank of China, said yesterday it was time to start a mechanism to handle emergencies in the stock market.
At the beginning of the year, the former president of the China Securities Regulator Commission Zhou Zhengqing suggested the establishment of an emergency mechanism when the key stock index slumped to 4300 points from the peak of over 6000 points. The stock gauge has dropped 56 percent this year, the biggest decline among the major markets.
Shanghai-based companies led the increase after State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government urged further reconstruction and consolidation of locally listed companies.
Shanghai Highly (Group) Co jumped to the 10-percent daily cap to close at 6.17 yuan. The Shanghai Jin Jiang International Industrial Investment Co soared 7.08 percent to 10.28 yuan while the Shanghai Jin Ling Co advanced 3.99 percent to 5.73 yuan.
Nonferrous metals also contributed to the gains. The Tongling Nonferrous Metals Group Holdings Co climbed 2.16 percent to 8.51 yuan. The Yunnan Chihong Zinc & Germanium Co surged 8.39 percent to 11.76 yuan while the Yunnan Tin Company Limited increased 3.62 percent to 14.90 yuan.
The benchmark Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, rose 0.03 percent, or 0.74 points, to 2,277.41 after hitting a low of 2249.12.
Gainers outnumbered losers 608 to 236 while 38 remained unchanged. Turnover in the local market shrank to 26.52 billion yuan (US$3.9 billion), compared with 33.37 billion yuan on Wednesday.
The Shenzhen Composite Index, which tracks the smaller domestic stock exchange, added 0.68 percent, or 4.3 points, to 631.80.
Financial News, the official publication of the People's bank of China, said yesterday it was time to start a mechanism to handle emergencies in the stock market.
At the beginning of the year, the former president of the China Securities Regulator Commission Zhou Zhengqing suggested the establishment of an emergency mechanism when the key stock index slumped to 4300 points from the peak of over 6000 points. The stock gauge has dropped 56 percent this year, the biggest decline among the major markets.
Shanghai-based companies led the increase after State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government urged further reconstruction and consolidation of locally listed companies.
Shanghai Highly (Group) Co jumped to the 10-percent daily cap to close at 6.17 yuan. The Shanghai Jin Jiang International Industrial Investment Co soared 7.08 percent to 10.28 yuan while the Shanghai Jin Ling Co advanced 3.99 percent to 5.73 yuan.
Nonferrous metals also contributed to the gains. The Tongling Nonferrous Metals Group Holdings Co climbed 2.16 percent to 8.51 yuan. The Yunnan Chihong Zinc & Germanium Co surged 8.39 percent to 11.76 yuan while the Yunnan Tin Company Limited increased 3.62 percent to 14.90 yuan.
