Banks help index to end higher
Print Edition
SHANGHAI stocks edged up yesterday as investors sought consumer and banking shares as China aims to boost domestic demand, analysts said.
The Shanghai Composite Index rose 0.34 percent to 3,174.03 points, led by liquor and household appliances shares as well as banks and brokers.
Domestic leading liquor maker Kweichow Moutai Co gained 3.40 percent to 742.41 yuan (US$117.18), while China Merchants Bank Co added 2.46 percent to 30.82 yuan.
Ma Wenyu, strategic analyst at Shanxi Securities, said China aims to boost domestic demand amid rising trade tensions with the US.
The government’s policies to alleviate poverty “helped increase domestic residents’ expenditure on consumer goods, especially on food, clothing and medicine,” said China Merchants Bank Co in a report.
Banks also rose yesterday amid a government effort to increase liquidity in the financial system, Ma added.
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