Stocks rise as Greece drops bail-out vote

SHANGHAI'S key stock index rose for the fourth day, following strong performance in the global market after Greece signaled it won't hold a referendum on a bailout package.

The benchmark Shanghai Composite Index rose 0.81 percent to 2,528.29 points. Turnover fell to 99.9 billion yuan (US$15.8 billion).

The index rose 2.2 percent this week, the second weekly gain in a row, on an improved market after Premier Wen Jiabao pledged "fine-tuning" of China's macro-economic policies.

Concerns over the worsening European debt crisis eased after Prime Minister George Papandreou said yesterday that he would scrap a referendum on Greece's bailout lifeline if the conservative opposition agreed to back the package in parliament.

Banks rose. Industrial and Commercial Bank of China rose 0.7 percent to 4.35 yuan. China Construction Bank added 0.4 percent to 4.89 yuan.


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