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December 1, 2009

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Home » Business » Finance

Index rises to biggest daily gain

AUTO makers and banks yesterday led Shanghai's key stock index to its biggest daily percentage gain in more than seven weeks on expectations that the central government's stimulus measures will be maintained in 2010.

The Shanghai Composite Index rose 3.2 percent, or 99.04 points, to close at 3,195.30. Turnover totaled 160 billion yuan (US$23.4 billion), a fall from 172 billion yuan on Friday. The benchmark rose 6.7 percent for November, a third consecutive monthly gain.

China will maintain a proactive fiscal policy to ensure policy continuity and stability, the Political Bureau of the Communist Party of China's Central Committee said at a meeting on Friday, according to Xinhua news agency.

"The index is very likely to climb up to 3,200 points in the next two or three days and turnover is set to rise," United Securities wrote.

Auto makers rose after Shanghai Securities News reported that preferential tax policies for passenger car sales may be extended. SAIC Motor Corp surged 7.5 percent to 25.37 yuan, and Beiqi Foton Motor Co climbed 6.09 percent to 19.51 yuan.

The Industrial and Commercial Bank of China added 0.97 percent to 5.23 yuan.


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