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Key index gains on hopes for economy
By Lu Nengneng |
December 30, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly higher yesterday after seven straight weeks of losses, as renewed optimism over next year's economic situation cheered up investors.
The Shanghai Composite Index ended 0.2 percent up at 2,173.56 points.
The gauge has fallen 22 percent so far this year as the grim reality of China's economic slowdown began to weigh on investors. Concerns over next year's economic outlook were eased after the central government announced further tax reductions to boost domestic demand inn 2012.
"As a string of favorable policies have been introduced as the year end approaches to maintain next year's economic growth, it is better to invest in related segment," Teng Tai, analyst at Minsheng Securities, said.
Railway infrastructure-related stocks paced the advance after the government yesterday released the official investigation report on the July 23 bullet train crash, and signaled positively that development of high-speed railway in China would continue.
Taiyuan Heavy Industries jumped 8 percent to 5.68 yuan. Railway machinery maker Baotou Beifang Chuangye rose 4.7 percent to 16.54 yuan. CSR Corp, the biggest train maker, added 0.93 percent to 4.32 yuan.
CITIC Bank added 0.3 percent to 3.98 yuan. The Industrial and Commercial Bank of China gained 0.2 percent to 4.2 yuan.
The Shanghai Composite Index ended 0.2 percent up at 2,173.56 points.
The gauge has fallen 22 percent so far this year as the grim reality of China's economic slowdown began to weigh on investors. Concerns over next year's economic outlook were eased after the central government announced further tax reductions to boost domestic demand inn 2012.
"As a string of favorable policies have been introduced as the year end approaches to maintain next year's economic growth, it is better to invest in related segment," Teng Tai, analyst at Minsheng Securities, said.
Railway infrastructure-related stocks paced the advance after the government yesterday released the official investigation report on the July 23 bullet train crash, and signaled positively that development of high-speed railway in China would continue.
Taiyuan Heavy Industries jumped 8 percent to 5.68 yuan. Railway machinery maker Baotou Beifang Chuangye rose 4.7 percent to 16.54 yuan. CSR Corp, the biggest train maker, added 0.93 percent to 4.32 yuan.
CITIC Bank added 0.3 percent to 3.98 yuan. The Industrial and Commercial Bank of China gained 0.2 percent to 4.2 yuan.
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