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Optimism lifts Shanghai shares to nearly 7-month high
By Ye Zhen |
January 15, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks extended gains this morning as the key Shanghai Composite Index rose 0.42 percent to 2,321.55 points, hitting almost a 7-month high. Turnover reached 80.2 billion yuan (US$12.9 billion) by midday.
"China's stock market is seeing its three-year bearish trend coming to an end with the drop in market valuation stabilizing and corporate earnings picking up thanks to economic recovery and capital market reforms," UBS Investment Research said in a report yesterday.
UBS expects China's economy to grow 8 percent this year, 0.4 percentage points faster than last year's growth.
Meanwhile, the ongoing capital market reforms will also give a boost to the market. China's securities regulator will accelerate the opening of the country's securities market to foreign investment, the report added.
Environment-related stock led the gainers. Beijing Capital Co, a company specializing in sewage treatment, advanced 6.1 percent to 4.68 yuan. Tianjin Capital Environmental Protection Group leaped by the daily limit of 10 percent to 5.36 yuan.
Agriculture shares also advanced. Heilongjiang Agriculture Co jumped 5.5 percent to 8.48 yuan. Guangxi Fenglin Wood Industry Group Co surged 7.4 percent to 8 yuan.
"China's stock market is seeing its three-year bearish trend coming to an end with the drop in market valuation stabilizing and corporate earnings picking up thanks to economic recovery and capital market reforms," UBS Investment Research said in a report yesterday.
UBS expects China's economy to grow 8 percent this year, 0.4 percentage points faster than last year's growth.
Meanwhile, the ongoing capital market reforms will also give a boost to the market. China's securities regulator will accelerate the opening of the country's securities market to foreign investment, the report added.
Environment-related stock led the gainers. Beijing Capital Co, a company specializing in sewage treatment, advanced 6.1 percent to 4.68 yuan. Tianjin Capital Environmental Protection Group leaped by the daily limit of 10 percent to 5.36 yuan.
Agriculture shares also advanced. Heilongjiang Agriculture Co jumped 5.5 percent to 8.48 yuan. Guangxi Fenglin Wood Industry Group Co surged 7.4 percent to 8 yuan.
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