Index up as cyclical, financial stocks soar
Print Edition
SHANGHAI stocks yesterday advanced the most in more than two weeks on gains by financial and cyclical shares as investors were upbeat about stimulus measures.
The key Shanghai Composite Index gained 1.9 percent to close at 2,098.28 points.
The market advance came amid high expectation that the central government will boost infrastructure investment and relax its monetary policy slightly to ensure the world’s second-largest economy will meet this year’s growth target of 7.5 percent.
“The stimulus package unveiled last week signaled that the government won’t allow the economy to expand at a rate slower than 7 percent. That has helped boost market sentiment in the short term,” UBS Securities said in a note yesterday.
Shares of coal and metal producers advanced. China Shenhua Energy Co rose 2.6 percent to 14.38 yuan (US$2.32).
Xiamen Tungsten Co gained 3.8 percent to 26.56 yuan.
Financial shares also went north even though the central bank yesterday drained 63 billion yuan from the banking system.
The Industrial Bank surged 8 percent to 10.35 yuan.
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