Hopes of more measures to boost economy lift index
By Hu Xiaocen |
March 9, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks came out of their three-day losses yesterday on hopes of more measures to be unveiled to boost China's slowing economy.
The Shanghai Composite Index jumped 1.06 percent to end at 2,420.28.
On Monday, Premier Wen Jiabao cut the gross domestic product growth target to 7.5 percent from 8 percent for this year, and said expanding domestic demand is essential for the country's development.
Echoing Wen, Commerce Minister Chen Deming said the central government will introduce new policies to stimulate domestic consumption.
Brokerage stocks were cheered by a Shanghai Securities News report yesterday that the People's Bank of China plans to raise the individual investment quota for qualified foreign institutional investors.
Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan (US$1.94). Industrial Securities jumped 5.05 percent to 11.65 yuan. Everbright Securities added 4.45 percent to 13.14 yuan.
The Shanghai Composite Index jumped 1.06 percent to end at 2,420.28.
On Monday, Premier Wen Jiabao cut the gross domestic product growth target to 7.5 percent from 8 percent for this year, and said expanding domestic demand is essential for the country's development.
Echoing Wen, Commerce Minister Chen Deming said the central government will introduce new policies to stimulate domestic consumption.
Brokerage stocks were cheered by a Shanghai Securities News report yesterday that the People's Bank of China plans to raise the individual investment quota for qualified foreign institutional investors.
Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan (US$1.94). Industrial Securities jumped 5.05 percent to 11.65 yuan. Everbright Securities added 4.45 percent to 13.14 yuan.
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