Index rises to 4-month high
By Hu Xiaocen |
January 8, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rose to a four-month high yesterday on hopes of China's recovering economy as well as the country's macro-economic measures.
The Shanghai Composite Index added 0.37 percent to 2,285.36 points, the highest level since June 20, 2012.
"The stock market is expected to profit from the economy that is seen to be stabilizing and recovering this year," China Galaxy Securities Co said in a note yesterday. "China's economy may expand over 8 percent on the premise of improving growth, which is good news for the stock market."
The brokerage said the index "may hit 2,800 points this year as the (government's) macro-economic policies along with deeper and faster pace of reforms have made it easier for the stock market to rebound."
Health care counters rallied after the State Council, China's Cabinet, said the biological sector is a strategic emerging industry. Biomedicine firms were among the top gainers, with an average increase of 2.6 percent.
Guangzhou Pharmaceutical Co soared by the daily limit of 10 percent to 21.78 yuan (US$3.50). Shanghai Pharmaceuticals Holding Co jumped 4.2 percent to 11.47 yuan. China National Medicines Co rose 2.4 percent to finish at 14.38 yuan.
The Shanghai Composite Index added 0.37 percent to 2,285.36 points, the highest level since June 20, 2012.
"The stock market is expected to profit from the economy that is seen to be stabilizing and recovering this year," China Galaxy Securities Co said in a note yesterday. "China's economy may expand over 8 percent on the premise of improving growth, which is good news for the stock market."
The brokerage said the index "may hit 2,800 points this year as the (government's) macro-economic policies along with deeper and faster pace of reforms have made it easier for the stock market to rebound."
Health care counters rallied after the State Council, China's Cabinet, said the biological sector is a strategic emerging industry. Biomedicine firms were among the top gainers, with an average increase of 2.6 percent.
Guangzhou Pharmaceutical Co soared by the daily limit of 10 percent to 21.78 yuan (US$3.50). Shanghai Pharmaceuticals Holding Co jumped 4.2 percent to 11.47 yuan. China National Medicines Co rose 2.4 percent to finish at 14.38 yuan.
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