Government pledge lifts index to end 3% up
By Ye Zhen |
December 6, 2012, Thursday
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Print Edition
Print Edition
SHANGHAI stocks jumped by the most in three months yesterday when they closed nearly 3 percent up, surpassing the crucial 2,000-point level, after the central government pledged to continue policy fine-tuning and boost urbanization to support economic growth in 2013.
The benchmark Shanghai Composite Index advanced 2.9 percent, the biggest gain since September 7, to 2,031.91 points.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tuning them appropriately," said a statement issued after a politburo meeting presided by Xi Jinping, general secretary of the Communist Party of China. The statement also stressed the government's plan to promote the country's urbanization process.
Ruan Jun, analyst at Orient Securities, said the government's urbanization program may benefit cement producers and other infrastructure-related companies.
Anhui Conch Cement Co, the nation's biggest cement producer, gained 4.9 percent to 17.42 yuan (US$2.80). Gansu Qilianshan Cement Group jumped by the daily limit of 10 percent to 9 yuan.
The benchmark Shanghai Composite Index advanced 2.9 percent, the biggest gain since September 7, to 2,031.91 points.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tuning them appropriately," said a statement issued after a politburo meeting presided by Xi Jinping, general secretary of the Communist Party of China. The statement also stressed the government's plan to promote the country's urbanization process.
Ruan Jun, analyst at Orient Securities, said the government's urbanization program may benefit cement producers and other infrastructure-related companies.
Anhui Conch Cement Co, the nation's biggest cement producer, gained 4.9 percent to 17.42 yuan (US$2.80). Gansu Qilianshan Cement Group jumped by the daily limit of 10 percent to 9 yuan.
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