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Shanghai index regains 2,000-point level in early trading
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SHANGHAI shares rose in early trading today, sending the benchmark index above the key 2,000-point level, after China vowed to shore up economy and accelerate industrial restructuring.
The Shanghai Composite Index gained 0.58 percent to 2,001.66 points with property developers and environment-related stocks leading the gain.
“China’s economy will maintain its steady growth in the second half of the year despite extremely complicated internal and external conditions,” the official Xinhua News Agency cited a statement made after a Communist Party politburo meeting presided by President Xi Jinping.
“The central government will coordinate efforts to stabilize growth, restructure the economy and deepen reforms while maintaining a proactive fiscal policy and a prudent monetary policy,” Xinhua reported.
“The statement indicates the government will put economic growth above risk prevention in the second half of the year. It helps to eliminate policy uncertainty that has weighted on market sentiment,” CITIC Securities said in note today.
Homebuilders gained as the government indicated that it will promote the steady development of the housing market without mentioning new restrictions on the sector.
Poly Real Estate, China’s second-largest developer, jumped 4.5 percent to 10.31 yuan (US$1.7). Gemdale Corporation increased 4.6 percent to 6.84 yuan.
Environment-related firms advanced after Xie Zhenhua, vice chairman of the National Development and Reform Commission, said the total output of China’s environmental protection industry will reach 4.5 trillion yuan by 2015, averaging an annual increase of 15 percent.
Beijing Capital Co, a company specializing in sewage treatment, rose 4.4 percent to 7.14 yuan. Tianjin Capital Environmental Protection Group Co added 4.2 percent to 8.38 yuan.
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