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Index rises at midday as government aid plans help market
By Pan Xiaoyi |
February 3, 2009, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index soared in this morning's session amid growing expectation of government measures to boost China's economy.
The Shanghai Composite Index added 1.37 percent, or 27.64 points, to 2039.32 points by 11:30am.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.45 percent, or 9.05 points, to 632.06 points.
"Investors are upbeat about favorable measures being rolled out. Shares were boosted as stimulus packages are pending approval of the State Council," Golden Sun Securities Co wrote in a research note.
Premier Wen Jiabo told London's Financial Times on Monday that China is actively exploring and expanding the use of foreign exchange reserves. A string of measures to boost the machinery and textile industries was reportedly submitted to the cabinet on Wednesday. And packages to bolster the shipping industry ware also expected.
Garment makers and machinery producers gained. Youngor Group Co surged 4.83 percent to 8.9 yuan and Ningbo Shanshan Co jumped 6.09 percent to 8.54 yuan.
Financial shares were also on the move up. China Merchants Bank Co, China's most profitable lender, increased 3.56 percent to 13.98 yuan. Shanghai Pudong Development Bank, the Chinese partner of Citigroup Inc, rose 2.33 percent to 16.69 yuan. Haitong Securities Co, the country's largest listed brokerage by market value, increased 5.27 percent to 11.98 yuan.
"Considering the unrest surrounding market and obvious falling profit margins of listed companies, the market will not see a sharp rebound," Golden Sun Securities Co wrote in the note.
The Shanghai Composite Index added 1.37 percent, or 27.64 points, to 2039.32 points by 11:30am.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 1.45 percent, or 9.05 points, to 632.06 points.
"Investors are upbeat about favorable measures being rolled out. Shares were boosted as stimulus packages are pending approval of the State Council," Golden Sun Securities Co wrote in a research note.
Premier Wen Jiabo told London's Financial Times on Monday that China is actively exploring and expanding the use of foreign exchange reserves. A string of measures to boost the machinery and textile industries was reportedly submitted to the cabinet on Wednesday. And packages to bolster the shipping industry ware also expected.
Garment makers and machinery producers gained. Youngor Group Co surged 4.83 percent to 8.9 yuan and Ningbo Shanshan Co jumped 6.09 percent to 8.54 yuan.
Financial shares were also on the move up. China Merchants Bank Co, China's most profitable lender, increased 3.56 percent to 13.98 yuan. Shanghai Pudong Development Bank, the Chinese partner of Citigroup Inc, rose 2.33 percent to 16.69 yuan. Haitong Securities Co, the country's largest listed brokerage by market value, increased 5.27 percent to 11.98 yuan.
"Considering the unrest surrounding market and obvious falling profit margins of listed companies, the market will not see a sharp rebound," Golden Sun Securities Co wrote in the note.
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