Key index climbs by tapping hope
By Hu Xiaocen |
June 14, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rose the most in four weeks on speculation the Chinese economy is bottoming out and will rebound soon with the central government's easing policies and more investment in infrastructure.
The Shanghai Composite Index jumped 1.27 percent to 2,318.92 points.
"Trade and lending data in May showed signs of China's economic stabilizing," ANZ China said in a report yesterday. "The central bank cut interest rates last week to bolster economic growth. We think the economy will rebound soon with more supportive fiscal and monetary policies."
JPMorgan said in a note that more stimuli geared toward strategic industries and infrastructure construction in underdeveloped regions will be unveiled. Investment in public infrastructure projects will rebound in the second half year.
Cement firms gained on possible demand for their products as more construction projects may start in the second half of the year. Anhui Conch Cement Co, the nation's biggest producer, soared 2.1 percent to 16.46 yuan (US$2.58). Fujian Cement Inc gained 1.5 percent to 8.18 yuan.
Insurers also rallied after the China Securities Journal yesterday said the insurance regulator may cut the minimum for insurance funds to invest in infrastructure.
China Life Insurance Co, the nation's biggest insurer, surged 7.2 percent to 17.88 yuan. China Pacific Insurance Group Co soared 6.7 percent to 22.20 yuan.
The Shanghai Composite Index jumped 1.27 percent to 2,318.92 points.
"Trade and lending data in May showed signs of China's economic stabilizing," ANZ China said in a report yesterday. "The central bank cut interest rates last week to bolster economic growth. We think the economy will rebound soon with more supportive fiscal and monetary policies."
JPMorgan said in a note that more stimuli geared toward strategic industries and infrastructure construction in underdeveloped regions will be unveiled. Investment in public infrastructure projects will rebound in the second half year.
Cement firms gained on possible demand for their products as more construction projects may start in the second half of the year. Anhui Conch Cement Co, the nation's biggest producer, soared 2.1 percent to 16.46 yuan (US$2.58). Fujian Cement Inc gained 1.5 percent to 8.18 yuan.
Insurers also rallied after the China Securities Journal yesterday said the insurance regulator may cut the minimum for insurance funds to invest in infrastructure.
China Life Insurance Co, the nation's biggest insurer, surged 7.2 percent to 17.88 yuan. China Pacific Insurance Group Co soared 6.7 percent to 22.20 yuan.
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