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Shanghai Composite reaches 4-month high
By Ye Zhen |
December 17, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rallied today, sending the key index to a four-month high, after the government pledged to deepen reform and pursue a stable economic growth at a two-day economic meeting that ended yesterday.
The Shanghai Composite gained 0.45 percent to 2,160.34 points, the highest closing since August 10. Daily turnover was 110.6 billion yuan (US$17.8 billion).
China will maintain a proactive fiscal policy and a prudent monetary policy stance next year while deepening reform to pursue a sustained and healthy economic growth, according to a statement issued after the two-day Central Economic Work Conference chaired by new Party chief Xi Jinping.
"The leadership's determination gave a boost to market confidence and investors have high expectations for future reforms," said Liu Zhiwei, analyst with Huatai Securities.
Distilleries gained the most. Sichuan Tuopai Shede Wine Co surged by the daily limit of 10 percent to 23.33 yuan. Kweichow Moutai Co increased 1.5 percent to 211.09 yuan. Shanxi Xinghuacun Fen Wine Factory Co rose 3.5 percent to 37.10 yuan. Sichuan Swellfun Co jumped 5.6 percent to 18.60 yuan.
China's State Administration of Foreign Exchange scrapped the US$1 billion ceiling on investment by overseas sovereign wealth funds, central banks and monetary authorities in an effort to channel more funds into the country's capital market.
Brokerages rallied on the news. CITIC Securities, China's biggest listed brokerage, increased 2.3 percent to 11.79 yuan. Haitong Securities Co rose 1.6 percent to 9.43 yuan. Everbright Securities advanced 2.7 percent to 12.97 yuan.
The Shanghai Composite gained 0.45 percent to 2,160.34 points, the highest closing since August 10. Daily turnover was 110.6 billion yuan (US$17.8 billion).
China will maintain a proactive fiscal policy and a prudent monetary policy stance next year while deepening reform to pursue a sustained and healthy economic growth, according to a statement issued after the two-day Central Economic Work Conference chaired by new Party chief Xi Jinping.
"The leadership's determination gave a boost to market confidence and investors have high expectations for future reforms," said Liu Zhiwei, analyst with Huatai Securities.
Distilleries gained the most. Sichuan Tuopai Shede Wine Co surged by the daily limit of 10 percent to 23.33 yuan. Kweichow Moutai Co increased 1.5 percent to 211.09 yuan. Shanxi Xinghuacun Fen Wine Factory Co rose 3.5 percent to 37.10 yuan. Sichuan Swellfun Co jumped 5.6 percent to 18.60 yuan.
China's State Administration of Foreign Exchange scrapped the US$1 billion ceiling on investment by overseas sovereign wealth funds, central banks and monetary authorities in an effort to channel more funds into the country's capital market.
Brokerages rallied on the news. CITIC Securities, China's biggest listed brokerage, increased 2.3 percent to 11.79 yuan. Haitong Securities Co rose 1.6 percent to 9.43 yuan. Everbright Securities advanced 2.7 percent to 12.97 yuan.
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