Pledge to cut taxes lifts shares
Print Edition
SHANGHAI stocks rallied yesterday, led by real estate developers and consumer firms as investors hunted for bargains, while the central government’s vow on tax cuts also gave them something to cheer about, analysts said.
The Shanghai Composite Index gained 1.22 percent to end at 3,160.53 points.
Premier Li Keqiang’s pledge on Wednesday that China would cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan “has lifted confidence among investors on China’s economic outlook,” said Li Lifeng, chief strategic analyst at Sinolink Securities.
Nacity Property Service Co jumped by the daily limit of 10 percent to 38.63 yuan (US$6.15), while liquor maker Anhui Kouzi Distillery Co gained 4.48 percent to 43.15 yuan. Property developers also gained, with China Vanke Co surging 9 percent to 34.16 yuan.
Investors bought these stocks as they feared a price rebound, said Chen Jian, investment consultant at Datong Securities.
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