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Premier's remarks lift market by 1.55% in morning
By Feng Jianmin |
June 24, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for the fourth day today after China's Premier Wen Jiabao said that government is "confident price rises will be firmly under control this year."
The benchmark Shanghai Composite Index rose 1.55 percent to 2,729.91 points. Turnover doubled to 65.5 billion yuan (US$10.1 billion) from yesterday morning's 32.8 billion yuan.
Premier Wen Jiabao wrote in British newspaper Financial Times that "China has made capping price rises the priority of macro-economic regulation and introduced a host of targeted policies. These have worked."
He added that the overall price level now is within a controllable range and is expected to drop steadily.
China's top leaders will gather early in July to decide the direction for economic policy in the second half of the year.
Analysts expected that monetary policies will slightly ease in the second half of the year after inflation peaks.
Brokerages led the gainers. Northeast Securities jumped by the daily limit of 10 percent to 18.70 yuan. GF Securities rose 4.9 percent to 36.70 yuan.
Car makers extended previous gains on news that China's National Development and Reform Commission has appealed to the State Council to drop policies that restricted car purchase especially in Beijing, according to National Business Daily.
SAIC rose 3.7 percent to 19.12 yuan. Dong Feng Automobile Co added 2.3 percent to 4.39 yuan.
The benchmark Shanghai Composite Index rose 1.55 percent to 2,729.91 points. Turnover doubled to 65.5 billion yuan (US$10.1 billion) from yesterday morning's 32.8 billion yuan.
Premier Wen Jiabao wrote in British newspaper Financial Times that "China has made capping price rises the priority of macro-economic regulation and introduced a host of targeted policies. These have worked."
He added that the overall price level now is within a controllable range and is expected to drop steadily.
China's top leaders will gather early in July to decide the direction for economic policy in the second half of the year.
Analysts expected that monetary policies will slightly ease in the second half of the year after inflation peaks.
Brokerages led the gainers. Northeast Securities jumped by the daily limit of 10 percent to 18.70 yuan. GF Securities rose 4.9 percent to 36.70 yuan.
Car makers extended previous gains on news that China's National Development and Reform Commission has appealed to the State Council to drop policies that restricted car purchase especially in Beijing, according to National Business Daily.
SAIC rose 3.7 percent to 19.12 yuan. Dong Feng Automobile Co added 2.3 percent to 4.39 yuan.
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