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Market rally in response to Beijing financial conference
By Hu Xiaocen |
January 9, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai Composite Index jumped 2.89 percent today on renewed market confidence as Premier Wen Jiabao called for better protection of investors' rights.
The key index added 62.49 points to end at 2,225.89 points today, the highest level in three weeks. The turnover was 62.1 billion yuan (US$9.8 billion), more than doubled from last Friday. All sectors gained with coal mines leading the rise with a jump of 8.06 percent.
The National Financial Work Conference, a top-level government meeting held every five years since 1997 to thrash out financial policies, closed in Beijing on Saturday.
During the conference, Wen called for a reform of the practice of initial public offerings, better policies for distribution, delisting and dividend payout, and strengthened market supervision. He also pledged for balanced development of the primary and secondary markets to protect investors' rights, the Shanghai Securities News reported.
"Premier Wen's speech over the weekend has cheered up the depressed market," said Nanjing Securities today.
Guo Shuqing, chairman of the China Securities Regulatory Commission, also spoke to investors at a convention last week that "We should have confidence in China's stock markets."
Remarks by top officials seemed to have a dramatic effect on China's blighted stock market which tumbled 21.7 percent last year.
"Looking ahead, China's capital market will enter a golden age of development," commented by the China Securities Journal after the conference closed on Saturday.
Financials continued to climb after the noon break. Brokers jumped 4.15 percent, outperforming the index, while banks added 2.07 percent at the close.
The key index added 62.49 points to end at 2,225.89 points today, the highest level in three weeks. The turnover was 62.1 billion yuan (US$9.8 billion), more than doubled from last Friday. All sectors gained with coal mines leading the rise with a jump of 8.06 percent.
The National Financial Work Conference, a top-level government meeting held every five years since 1997 to thrash out financial policies, closed in Beijing on Saturday.
During the conference, Wen called for a reform of the practice of initial public offerings, better policies for distribution, delisting and dividend payout, and strengthened market supervision. He also pledged for balanced development of the primary and secondary markets to protect investors' rights, the Shanghai Securities News reported.
"Premier Wen's speech over the weekend has cheered up the depressed market," said Nanjing Securities today.
Guo Shuqing, chairman of the China Securities Regulatory Commission, also spoke to investors at a convention last week that "We should have confidence in China's stock markets."
Remarks by top officials seemed to have a dramatic effect on China's blighted stock market which tumbled 21.7 percent last year.
"Looking ahead, China's capital market will enter a golden age of development," commented by the China Securities Journal after the conference closed on Saturday.
Financials continued to climb after the noon break. Brokers jumped 4.15 percent, outperforming the index, while banks added 2.07 percent at the close.
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