Investor hopes fuel index's climb
By Hu Xiaocen |
May 23, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a second consecutive day on investor hopes that China will accelerate infrastructure spending to bolster a slowing economy.
The Shanghai Composite Index added 1.06 percent to 2,373.31 points yesterday.
"Speculation about policy stimuli is spreading while market expectations for lower interest rates are rising," UBS Securities said in a research report yesterday.
"We expect possible policy stimuli to include rising infrastructure investments by the central government, a wider fiscal subsidy scheme and improving financing for infrastructure projects."
Huang Yue, a commentator at Chinese Business News, said: "The economy still needs government investment to maintain its growth."
The government is boosting spending in major infrastructure construction, China Securities Journal reported yesterday, citing an unnamed source. Some projects set for the second half of this year have been brought forward, the newspaper said.
Cement stocks gained on a likely rise in demand for their products due to more construction projects. Anhui Conch Cement Co, the nation's biggest cement firm, soared 3.3 percent to 16.67 yuan (US$2.64). Fujian Cement Inc rose 3 percent to 8.23 yuan. Huaxin Cement Co soared 5.5 percent to 14.90 yuan.
Most lenders rose on hopes of further monetary easing. The Industrial Bank gained 1.4 percent to 13.67 yuan while China Construction Bank added 0.4 percent to 4.54 yuan.
The Shanghai Composite Index added 1.06 percent to 2,373.31 points yesterday.
"Speculation about policy stimuli is spreading while market expectations for lower interest rates are rising," UBS Securities said in a research report yesterday.
"We expect possible policy stimuli to include rising infrastructure investments by the central government, a wider fiscal subsidy scheme and improving financing for infrastructure projects."
Huang Yue, a commentator at Chinese Business News, said: "The economy still needs government investment to maintain its growth."
The government is boosting spending in major infrastructure construction, China Securities Journal reported yesterday, citing an unnamed source. Some projects set for the second half of this year have been brought forward, the newspaper said.
Cement stocks gained on a likely rise in demand for their products due to more construction projects. Anhui Conch Cement Co, the nation's biggest cement firm, soared 3.3 percent to 16.67 yuan (US$2.64). Fujian Cement Inc rose 3 percent to 8.23 yuan. Huaxin Cement Co soared 5.5 percent to 14.90 yuan.
Most lenders rose on hopes of further monetary easing. The Industrial Bank gained 1.4 percent to 13.67 yuan while China Construction Bank added 0.4 percent to 4.54 yuan.
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