Index gains for third straight day
Print Edition
SHANGHAI stocks yesterday rose for the third consecutive day as market sentiment was lifted after the government announced a slew of infrastructure investment plans that may boost the economy.
The Shanghai Composite Index edged up 0.05 percent to 2,067.31 points.
“We expect the government to accelerate investment projects and the People’s Bank of China to maintain easier liquidity,” Barclays Plc said in its latest report. “Premier Li Keqiang has his ‘bottom line’ — to ensure growth in a ‘reasonable range’ to generate sufficient employment, and timely handling to make sure there are no regional or systemic financial risks.”
At the weekly Cabinet meeting last Thursday, Li said the government will hasten the rollout of measures that have already been decided to expand domestic demand, and stabilize economic growth.
Industrial park developers rallied, with the Shanghai free trade zone a hot investment prospect. Shanghai Waigaoqiao Free Trade Zone Development Co soared 8.3 percent to 31.06 yuan (US$5.01). Shanghai Jinqiao Export Processing Zone Development Co rose by the 10 percent daily limit to 11.42 yuan.
Shanghai-based state-owned enterprises were among gainers, with Shanghai Xinhua Media Co adding 4.2 percent to 9.63 yuan and Shanghai Shentong Metro Co gaining 2.9 percent to close at 7.70 yuan.
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