Index ends above 3,000 points
By Feng Jianmin |
October 20, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S benchmark stock index closed above 3,000 points for the first time in half a year, led by appliance makers and the green-technology sector, after Chinese leaders targeted energy savings and consumer spending as key elements of economic growth under the next Five-Year Plan. Steel makers were mixed.
The Shanghai Composite Index rose 1.58 percent, or 46.6 points, to close at 3,001.85. Turnover dropped to 200 billion yuan (US$30.1 billion) from Monday's record 301 billion yuan.
Seven industries, including energy-saving technology, information technology, advanced equipment making and advanced industrial materials, were singled out as the engines of growth in the period that ends in 2015.
The output of these industries is forecast to contribute 8 percent of the nation's gross domestic product by 2015 and 15 percent by 2020.
The government pledged favorable loan policies to industries in those sectors.
Party leaders also pledged to increase the spending power of the Chinese people by 15 percent a year in each of the next five years. The boost in consumer spending is expected to help retailers, home appliance makers and other consumption-related sectors.
"Focus of the new blueprint is shifting from building a wealthier country to building a richer public," said Hu Xiaoyue, an analyst with Shanghai Securities. "Consumption-related industries such as education, tourism and autos may benefit, while high-pollution industries will go through reconstruction as the country goes green."
Appliance firms gained. Shanghai Feilo Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co rose 3.59 percent to 24.95 yuan.
Steel makers were mixed on concerns about how the industry will fare as government funds in infrastructure slows and the campaign to cut industrial pollution portends a consolidation. Baoshan Iron and Steel Co dipped 0.26 percent to 7.55 yuan. Inner Mongolia Baotou Steel Union Co rose 0.77 percent to 3.94 yuan.
"Both international and domestic demand of steel will go down in the fourth quarter for seasonal reasons and slower expansion of manufacturing in both China and the United States," said Lan Jie, analyst at Industrial Securities.
The Shanghai Composite Index rose 1.58 percent, or 46.6 points, to close at 3,001.85. Turnover dropped to 200 billion yuan (US$30.1 billion) from Monday's record 301 billion yuan.
Seven industries, including energy-saving technology, information technology, advanced equipment making and advanced industrial materials, were singled out as the engines of growth in the period that ends in 2015.
The output of these industries is forecast to contribute 8 percent of the nation's gross domestic product by 2015 and 15 percent by 2020.
The government pledged favorable loan policies to industries in those sectors.
Party leaders also pledged to increase the spending power of the Chinese people by 15 percent a year in each of the next five years. The boost in consumer spending is expected to help retailers, home appliance makers and other consumption-related sectors.
"Focus of the new blueprint is shifting from building a wealthier country to building a richer public," said Hu Xiaoyue, an analyst with Shanghai Securities. "Consumption-related industries such as education, tourism and autos may benefit, while high-pollution industries will go through reconstruction as the country goes green."
Appliance firms gained. Shanghai Feilo Acoustics Co jumped by the daily limit of 10 percent to 12.07 yuan. Qingdao Haier Co rose 3.59 percent to 24.95 yuan.
Steel makers were mixed on concerns about how the industry will fare as government funds in infrastructure slows and the campaign to cut industrial pollution portends a consolidation. Baoshan Iron and Steel Co dipped 0.26 percent to 7.55 yuan. Inner Mongolia Baotou Steel Union Co rose 0.77 percent to 3.94 yuan.
"Both international and domestic demand of steel will go down in the fourth quarter for seasonal reasons and slower expansion of manufacturing in both China and the United States," said Lan Jie, analyst at Industrial Securities.
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