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August 27, 2009

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NDRC remark boosts key index

SHANGHAI'S key stock index ended nearly 1.8 percent higher yesterday after China's top economic planner pledged to beef up efforts to consolidate the nation's stable economic growth.

The Shanghai Composite Index rose 1.78 percent, or 51.79 points, to close at 2,967.59. Turnover shrank to 143.73 billion yuan (US$21.14 billion) from 160.9 billion yuan on Tuesday.

Zhang Ping, chairman of the National Development and Reform Commission, said on Tuesday the government will step up efforts, including boosting domestic consumption and exports, to consolidate the nation's economic foundation as economic recovery is at a crucial time.

"The rally occurred on a technical rebound after the index's previous losses and the economic planner's efforts also boosted investor confidence," said Wan Baohui, an analyst at S&E Securities Brokerage Co.

However, Wan said investors should not be too optimistic and warned of another round of correction as the situation surrounding tighter capital has not changed.

Poly Real Estate, China's second-largest listed developer by market value, led gains after it said first-half net income rose 35 percent from a year earlier to 1.4 billion yuan.

The firm added 2.24 percent to 24.69 yuan. Shanghai Lujiazui Finance & Trade Zone jumped 3.41 percent to 24.25 yuan and Shanghai-based Shimao Co climbed 2.5 percent to 13.93 yuan.


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