Hopes for more stimulus boost shares
Print Edition
SHANGHAI stocks rose yesterday as investors returned to the market hoping for more stimulus ahead of a key government meeting later this month.
The Shanghai Composite Index added 2.32 percent to finish at 3,338.07 points.
The Communist Party of China Central Committee will hold a key meeting from October 26 to 29 to deliberate on an economic and social development plan for China over the next five years, according to the Xinhua news agency.
“There seems to be considerable expectations of further economic stimulus, which could mitigate some deflationary pressures,” said Gerry Alfonso, analyst at Shenwan Hongyuan Securities Co.
He noted investors were speculating that another wave of reform would take place in state-owned enterprises, which makes them potential investment targets.
SOEs led the rally. Cofco Xinjiang Tunhe Co, the country’s largest tomato processor, jumped by the 10 percent daily limit to 16.03 yuan (US$2.53), as did Sdic Xinji Energy Co to 10.87 yuan.
Trading yesterday was also fueled by the central government’s plan to reorganize the telecom industry.
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