Mixed picture after stocks close on Friday

Updated: 2012-08-18 10:48

By Xinhua (Xinhua)

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BEIJING -- China's stocks closed on Friday to a mixed picture with the Shanghai index rising and the Shenzhen falling.

The Shanghai Composite Index rose 2.69 points, or 0.13 percent, to close at 2,114.89. The Shenzhen Component Index shed 1 percent, or 89.78 points, to finish at 8,883.6.

Gainers outnumbered losers 528 to 370, in Shanghai and 793 to 639, in Shenzhen.

Combined turnover of the two bourses dropped to 84.41 billion yuan (13.31 billion U.S. dollars) from 85.06 billion yuan the previous trading day.

Investors are predicting the People's Bank of China will further ease its monetary policies by either lowering reserve requirement ratios or cutting interest rates, after Premier Wen Jiabao said on Tuesday that the country has "conditions and capabilities" to meet its 7.5 percent economic growth target this year.

The central bank, so far this year, has lowered interest rates and reserve requirement ratios twice in order to bolster the slowing economy.

Bank and oil shares rallied on Friday. Industrial and Commercial Bank of China, the country's largest lender by market assets, gained 0.79 percent to close at 3.83 yuan per share. Sinopec, the leading oil refiner, climbed 0.98 percent to finish at 6.19 yuan per share.

Alcoholic producers and medicine shares retreated. Jiangsu Yanghe Brewery Joint-Stock Co. plunged 5.1 percent to 133.5 yuan per share. Ginwa Enterprise (Group) Inc., a leading biochemical manufacturer, dived 7.8 percent to close at 8.04 yuan per share.

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