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People's Daily Online>>China Business

Stocks advance in morning on overseas rallies

By Feng Jianmin (Shanghai Daily)

15:24, November 29, 2011

Shanghai's key stock index rose in the morning session taking cue from rallies in the overseas market on hopes that measures will be taken to relieve the European debt crisis.

The Shanghai Composite Index rose 0.55 percent to 2,396.04 points. Turnover was 27.2 billion yuan (US$4.3 billion).

Sentiment improved on hopes of an easing crisis in the European Union, China's largest trading partner. German Finance Minister Wolfgang Schaeuble urged a fast-tracking of treaty changes to tighten budget discipline, while guidelines that finance ministers will discuss this week showed that Europe's rescue fund may insure bonds of debt-stricken countries with guarantees of 20 percent to 30 percent.

STOXX Europe 600 was up 3.75 percent and the Dow Jones Industrial Average rose 2.6 percent yesterday.

Metal producers extended yesterday's gains. Jiangxi Copper Co, the largest producer of the metal in China, added 1.1 percent to 25.72 yuan. Zhongjin Gold Mining Co grew 1.6 percent to 21.78 yuan.

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