Investment hopes lift index
By Lilith Hu |
May 29, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks snapped out of a three-week loss yesterday and rose on hopes China will accelerate investment in infrastructure construction to bolster a slowing economy.
The Shanghai Composite Index jumped 1.19 percent to 2,361.37 points.
Cement firms led the rise on possible higher demand for their products as the National Development and Reform Commission is accelerating approval for new projects.
"The cement producers have gained 12 percent in the past five days on average," Hou Yingmin, analyst at Aijian Securities, said yesterday. "Cement shares were boosted by expectations that demand will rise as government will spend more on infrastructure construction."
Wang Jianhui, a senior analyst at Southwest Securities, said: "The NDRC is accelerating approval for projects to maintain growth 'selectively.' The impact will not be as massive as the 4-trillion-yuan (US$630 billion) investment in 2008," referring to the measures the government unveiled then to counter the global financial crisis.
Anhui Conch Cement Co, the nation's biggest producer of the material, soared 5.8 percent to 17.87 yuan. Huaxin Cement Co surged by the daily limit of 10 percent to 16.36 yuan. Fujian Cement Inc climbed 7.5 percent to 9.09 yuan.
The Shanghai Composite Index jumped 1.19 percent to 2,361.37 points.
Cement firms led the rise on possible higher demand for their products as the National Development and Reform Commission is accelerating approval for new projects.
"The cement producers have gained 12 percent in the past five days on average," Hou Yingmin, analyst at Aijian Securities, said yesterday. "Cement shares were boosted by expectations that demand will rise as government will spend more on infrastructure construction."
Wang Jianhui, a senior analyst at Southwest Securities, said: "The NDRC is accelerating approval for projects to maintain growth 'selectively.' The impact will not be as massive as the 4-trillion-yuan (US$630 billion) investment in 2008," referring to the measures the government unveiled then to counter the global financial crisis.
Anhui Conch Cement Co, the nation's biggest producer of the material, soared 5.8 percent to 17.87 yuan. Huaxin Cement Co surged by the daily limit of 10 percent to 16.36 yuan. Fujian Cement Inc climbed 7.5 percent to 9.09 yuan.
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