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Construction firms lead index up after Premier's pledge
By Feng Jianmin |
February 28, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose as firms of the construction material and electrical appliance sectors rallied after Premier Wen Jiabao pledged to improve people's living standards.
The Shanghai Composite Index rose 0.92 percent to 2,905.05. Turnover was 149.6 billion yuan (US$22.7 billion).
The benchmark added 4.14 percent in February, the first monthly gain since last October, after January CPI showed slower inflation than expected.
Premier Wen Jiabao said during conversations with web users yesterday that 36 million units of affordable homes will be built within the next five years.
Construction material providers led the gainers. Southern Building Materials Co climbed 6.9 percent to 10.02 yuan. Changjiang & Jingong Steel Building Group Co rose 6 percent to 19.88 yuan.
Electrical appliance makers and retailers also rallied on speculation that Wen's pledge to reduce income tax for low and middle class workers would boost demand. Suning Appliance Co, one of the largest appliance retailers in China, said that its 2010 profit rose 39 percent from a year earlier to 4 billion yuan. Its shares added 2.5 percent to 14.10 yuan. Qingdao Haier Co jumped 6.3 percent to 30.83 yuan.
Banks underperformed on concerns that monetary policies will continue to be tightened as the country sets a target of annual economic growth at 7 percent in the next five years. China's gross domestic product increased 10.3 percent in 2010.
Industrial and Commercial Bank of China dipped 0.23 percent to 4.26 yuan. China Construction Bank fell 1 percent to 4.83 yuan.
The Shanghai Composite Index rose 0.92 percent to 2,905.05. Turnover was 149.6 billion yuan (US$22.7 billion).
The benchmark added 4.14 percent in February, the first monthly gain since last October, after January CPI showed slower inflation than expected.
Premier Wen Jiabao said during conversations with web users yesterday that 36 million units of affordable homes will be built within the next five years.
Construction material providers led the gainers. Southern Building Materials Co climbed 6.9 percent to 10.02 yuan. Changjiang & Jingong Steel Building Group Co rose 6 percent to 19.88 yuan.
Electrical appliance makers and retailers also rallied on speculation that Wen's pledge to reduce income tax for low and middle class workers would boost demand. Suning Appliance Co, one of the largest appliance retailers in China, said that its 2010 profit rose 39 percent from a year earlier to 4 billion yuan. Its shares added 2.5 percent to 14.10 yuan. Qingdao Haier Co jumped 6.3 percent to 30.83 yuan.
Banks underperformed on concerns that monetary policies will continue to be tightened as the country sets a target of annual economic growth at 7 percent in the next five years. China's gross domestic product increased 10.3 percent in 2010.
Industrial and Commercial Bank of China dipped 0.23 percent to 4.26 yuan. China Construction Bank fell 1 percent to 4.83 yuan.
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