Guangxi measures lift shares
By Feng Jianmin and Pan Xiaoyi |
August 17, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index posted the biggest daily gain of more than 2 percent in two weeks yesterday on news the central government plans to boost economic development in the country's southwest region.
The Shanghai Composite Index rose 2.11 percent, or 55.01 points, to close at 2,661.71. Turnover jumped to 130.7 billion yuan (US$19.2 billion) from Friday's 91.3 billion yuan.
"As the government continues to control loans in the property industry it also invests to shore up economic growth, including the latest stimulus package for Guangxi Zhuang Autonomous Region," said Wang Fan, an analyst at Donghai Securities Co. "Investor sentiment could be sustained by these measures."
Guangxi-related stocks led the gainers as media reports said that the central government may invest as much as 1.5 trillion yuan in the next five years to improve the region's infrastructure.
Guangxi Guiguan Electric Power Co jumped by the daily limit of 10 percent to 5.29 yuan. Guangxi Wuzhou Communications Co soared 10 percent to 8.31 yuan.
China Cosco Holding Co led blue chips higher as rising shipping prices boosted trading. China Cosco jumped by the daily limit of 10 percent to 10.31 yuan. China Shenhua Energy Co rose 5.37 percent to 23.93 yuan and Aluminum Corp of China Ltd gained 3.11 percent to 10.61 yuan.
Banks rose after the Agricultural Bank of China exercised an over-allotment option in Shanghai to raise US$22.1 billion yuan in the world's largest initial public offering. Its stock added 0.74 percent to 2.71 yuan. China Merchants Bank grew 1.9 percent to 13.98 yuan. The Bank of China rose 1.16 percent to 3.48 yuan.
The Shanghai Composite Index rose 2.11 percent, or 55.01 points, to close at 2,661.71. Turnover jumped to 130.7 billion yuan (US$19.2 billion) from Friday's 91.3 billion yuan.
"As the government continues to control loans in the property industry it also invests to shore up economic growth, including the latest stimulus package for Guangxi Zhuang Autonomous Region," said Wang Fan, an analyst at Donghai Securities Co. "Investor sentiment could be sustained by these measures."
Guangxi-related stocks led the gainers as media reports said that the central government may invest as much as 1.5 trillion yuan in the next five years to improve the region's infrastructure.
Guangxi Guiguan Electric Power Co jumped by the daily limit of 10 percent to 5.29 yuan. Guangxi Wuzhou Communications Co soared 10 percent to 8.31 yuan.
China Cosco Holding Co led blue chips higher as rising shipping prices boosted trading. China Cosco jumped by the daily limit of 10 percent to 10.31 yuan. China Shenhua Energy Co rose 5.37 percent to 23.93 yuan and Aluminum Corp of China Ltd gained 3.11 percent to 10.61 yuan.
Banks rose after the Agricultural Bank of China exercised an over-allotment option in Shanghai to raise US$22.1 billion yuan in the world's largest initial public offering. Its stock added 0.74 percent to 2.71 yuan. China Merchants Bank grew 1.9 percent to 13.98 yuan. The Bank of China rose 1.16 percent to 3.48 yuan.
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