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City stocks rally from two-month low
By Ye Zhen |
March 5, 2013, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks rallied from a nearly two-month low today on the expectation that more stimulus measures will be unveiled during the National People's Congress.
The key Shanghai Composite Index rose 2.3 percent to settle at 2,326.31 points. Turnover was 116.7 billion yuan (US$18.8 billion) at the trading close.
"More stimulus polices may be introduced during the national meeting and thus give a boost to related sectors such as agriculture, health care and financial industries," said Guangzhou Wanlong Securities Consulting Co.
China set its economic growth at 7.5 percent for 2013, Premier Wen Jiabao said this morning, ahead of the opening session of the Chinese National People's Congress.
The world's second-largest economy expanded 7.8 percent last year, the slowest pace in 13 years but above the target set at the beginning of the year.
Lenders gained among financials after China's banking regulator allowed more banks to set up fund companies on a trial basis.
Industrial Bank Co surged by the daily limit of 10 percent to 20.16 yuan. Shanghai Pudong Development Bank Co increased 6.5 percent to 11.07 yuan. China Merchants Bank Co leaped 8.9 percent to 13.36 yuan.
Brokerages also rose. Founder Securities soared 10 percent to 7.52 yuan. Citic Securities, China's biggest listed broker, added 4.9 percent to 14.48 yuan.
Most property developers continued a weak run on the central government's new home curbs. Poly Real Estate, China second-largest developer, declined 1.1 percent to 11.25 yuan. Gemdale Corporation lost 1 percent to 6.36 yuan.
China will step up control on the property market and promote the supply of affordable housing in a bid to curb speculative demand and stabilize home prices, Wen said today.
The key Shanghai Composite Index rose 2.3 percent to settle at 2,326.31 points. Turnover was 116.7 billion yuan (US$18.8 billion) at the trading close.
"More stimulus polices may be introduced during the national meeting and thus give a boost to related sectors such as agriculture, health care and financial industries," said Guangzhou Wanlong Securities Consulting Co.
China set its economic growth at 7.5 percent for 2013, Premier Wen Jiabao said this morning, ahead of the opening session of the Chinese National People's Congress.
The world's second-largest economy expanded 7.8 percent last year, the slowest pace in 13 years but above the target set at the beginning of the year.
Lenders gained among financials after China's banking regulator allowed more banks to set up fund companies on a trial basis.
Industrial Bank Co surged by the daily limit of 10 percent to 20.16 yuan. Shanghai Pudong Development Bank Co increased 6.5 percent to 11.07 yuan. China Merchants Bank Co leaped 8.9 percent to 13.36 yuan.
Brokerages also rose. Founder Securities soared 10 percent to 7.52 yuan. Citic Securities, China's biggest listed broker, added 4.9 percent to 14.48 yuan.
Most property developers continued a weak run on the central government's new home curbs. Poly Real Estate, China second-largest developer, declined 1.1 percent to 11.25 yuan. Gemdale Corporation lost 1 percent to 6.36 yuan.
China will step up control on the property market and promote the supply of affordable housing in a bid to curb speculative demand and stabilize home prices, Wen said today.
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