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Shanghai index buoyed by construction stocks
By Ye Zhen |
September 10, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning, boosted by construction-related stocks, after President Hu Jintao said infrastructure development is key to economic recovery.
The Shanghai Composite Index gained 0.37 percent, or 7.8 points, to 2,135.56 points. Turnover stood at 50.8 billion yuan (US$8.1 billion) by midday.
The Chinese president on Saturday urged Asia-Pacific nations to intensify infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth.
Hu's call was made after the National Development and Reform Commission, China's top economic planning body, unveiled 60 infrastructure projects last week, involving about 1 trillion yuan of investment, indicating that the government is relying on infrastructure investment to boost economy rather than on monetary easing measures.
China's CPI in August rose 2 percent from a year earlier, more than the 1.8 percent increase in July, the National Bureau of Statistics said yesterday.
Cement producers traded higher this morning. Anhui Conch Cement Co, China's biggest cement producer, increased 4 percent to 15.68 yuan. Zhejiang Jianfeng Group Co jumped 7.2 percent to 11.44 yuan. Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 11.62 yuan.
Gold stocks also rose after gold futures ticked higher on hopes the Federal Reserve may soon take easing actions. Zijin Mining Group Co, the nation's largest gold producer, advanced 3.1 percent to 4.03 yuan. Shandong Gold Mining Co added 3.5 percent to 38.88 yuan. Zhongjin Gold Corp gained 2.2 percent to 15.77 yuan.
The Shanghai Composite Index gained 0.37 percent, or 7.8 points, to 2,135.56 points. Turnover stood at 50.8 billion yuan (US$8.1 billion) by midday.
The Chinese president on Saturday urged Asia-Pacific nations to intensify infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth.
Hu's call was made after the National Development and Reform Commission, China's top economic planning body, unveiled 60 infrastructure projects last week, involving about 1 trillion yuan of investment, indicating that the government is relying on infrastructure investment to boost economy rather than on monetary easing measures.
China's CPI in August rose 2 percent from a year earlier, more than the 1.8 percent increase in July, the National Bureau of Statistics said yesterday.
Cement producers traded higher this morning. Anhui Conch Cement Co, China's biggest cement producer, increased 4 percent to 15.68 yuan. Zhejiang Jianfeng Group Co jumped 7.2 percent to 11.44 yuan. Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 11.62 yuan.
Gold stocks also rose after gold futures ticked higher on hopes the Federal Reserve may soon take easing actions. Zijin Mining Group Co, the nation's largest gold producer, advanced 3.1 percent to 4.03 yuan. Shandong Gold Mining Co added 3.5 percent to 38.88 yuan. Zhongjin Gold Corp gained 2.2 percent to 15.77 yuan.
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