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Premier's comment lifts market in morning
By Ye Zhen |
May 21, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up after Premier Wen Jiabao said the government will lay stress on maintaining a steady economic growth, as China's economy is showing signs of slowing down.
The Shanghai Composite Index rose 0.3 percent, or 7.05 points to 2,351.57, Turnover stood at 40.1 billion yuan (US$6.37 billion).
China should adhere to the implementation of a proactive fiscal policy and a prudent monetary policy and focus more on maintaining a steady economic growth, said Wen during a tour of Wuhan, the capital of China's Hubei province, from Friday to yesterday.
A slew of dismal economic data in April, including trade, retail sales, industrial output, bank lending and domestic consumption, confirmed that the world's second largest economy is slowing down.
Gold stocks rose after gold futures for June delivery gained 1.1 percent, or US$17 to settle at US$1,592 an ounce. Zijin Mining Group Co, the nation's largest gold producer, edged up 0.5 percent 4.14 yuan. Zhongjin Gold Corp gained 1.3 percent to 22.99 yuan.
Property developers climbed on speculation more ease measures are on the way. China Vanke, the country's biggest developer, gained 1.5 percent to 8.71 yuan. Poly Real Estate Group Co rose 0.7 percent to 12.82 yuan.
Brokerages led the market down. Citic Securities, the nation's biggest listed brokerage, lost 0.5 percent to 13.01 yuan. Soochow Securities Co slumped 4.8 percent to 9.58 yuan. Sinolink Securities Co fell 2.8 percent to 14.73 yuan.
The Shanghai Composite Index rose 0.3 percent, or 7.05 points to 2,351.57, Turnover stood at 40.1 billion yuan (US$6.37 billion).
China should adhere to the implementation of a proactive fiscal policy and a prudent monetary policy and focus more on maintaining a steady economic growth, said Wen during a tour of Wuhan, the capital of China's Hubei province, from Friday to yesterday.
A slew of dismal economic data in April, including trade, retail sales, industrial output, bank lending and domestic consumption, confirmed that the world's second largest economy is slowing down.
Gold stocks rose after gold futures for June delivery gained 1.1 percent, or US$17 to settle at US$1,592 an ounce. Zijin Mining Group Co, the nation's largest gold producer, edged up 0.5 percent 4.14 yuan. Zhongjin Gold Corp gained 1.3 percent to 22.99 yuan.
Property developers climbed on speculation more ease measures are on the way. China Vanke, the country's biggest developer, gained 1.5 percent to 8.71 yuan. Poly Real Estate Group Co rose 0.7 percent to 12.82 yuan.
Brokerages led the market down. Citic Securities, the nation's biggest listed brokerage, lost 0.5 percent to 13.01 yuan. Soochow Securities Co slumped 4.8 percent to 9.58 yuan. Sinolink Securities Co fell 2.8 percent to 14.73 yuan.
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