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Shanghai index climbs 1.4% after subsidy scheme unveiled
By Ye Zhen |
May 17, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks jumped today as the central government stepped up efforts to boost domestic consumption and kick-start the slowing economy.
The benchmark Shanghai Composite Index gained 1.4 percent or 32.70 points to 2,378.89. Turnover stood at 81.5 billion yuan (US$12.94 billion) at the trading close.
The central government will launch a national subsidy scheme worth 36.3 billion yuan to promote the purchases of energy-saving products, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao yesterday.
The government will allocate 26.5 billion yuan, accounting for 73 percent of the total, to subsidize the purchases of household appliances that meet energy-saving standards, including air conditioners, flat-panel displays, refrigerators, washing machines and water heaters, according to the statement.
Consumer electronics makers jumped on the news. Hefei Rongshida Sanyo Electric Co rose 7.8 percent to 9.17 yuan. Sichuan Changhong Electric Co gained 1.3 percent to 2.35 yuan.
Brokerages rose on the trial next week that will allow margin trading and short selling, the China Securities Journal reported. Soochow Securities Co surged 8.8 percent to 10.39 yuan while Sinolink Securities Co jumped 7.8 percent to 15.32 yuan. Citic Securities, the nation's biggest listed brokerage, climbed 3.8 percent to 13.31 yuan.
Lenders and insurers also gained with leading financial stocks climbing 4.37 percent on average. Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.7 percent to 4.33 yuan. Agricultural Bank of China rose 1.1 percent to end at 2.70 yuan, while China Merchants Bank Co climbed 1 percent to 11.79 yuan.
China Life Insurance, the country's biggest insurer, rose 2.7 percent to 18.09 yuan. Ping An Insurance Co, China's second largest insurer, gained 2.9 percent to 42.40 yuan.
The benchmark Shanghai Composite Index gained 1.4 percent or 32.70 points to 2,378.89. Turnover stood at 81.5 billion yuan (US$12.94 billion) at the trading close.
The central government will launch a national subsidy scheme worth 36.3 billion yuan to promote the purchases of energy-saving products, said a statement released after a State Council executive meeting presided over by Premier Wen Jiabao yesterday.
The government will allocate 26.5 billion yuan, accounting for 73 percent of the total, to subsidize the purchases of household appliances that meet energy-saving standards, including air conditioners, flat-panel displays, refrigerators, washing machines and water heaters, according to the statement.
Consumer electronics makers jumped on the news. Hefei Rongshida Sanyo Electric Co rose 7.8 percent to 9.17 yuan. Sichuan Changhong Electric Co gained 1.3 percent to 2.35 yuan.
Brokerages rose on the trial next week that will allow margin trading and short selling, the China Securities Journal reported. Soochow Securities Co surged 8.8 percent to 10.39 yuan while Sinolink Securities Co jumped 7.8 percent to 15.32 yuan. Citic Securities, the nation's biggest listed brokerage, climbed 3.8 percent to 13.31 yuan.
Lenders and insurers also gained with leading financial stocks climbing 4.37 percent on average. Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.7 percent to 4.33 yuan. Agricultural Bank of China rose 1.1 percent to end at 2.70 yuan, while China Merchants Bank Co climbed 1 percent to 11.79 yuan.
China Life Insurance, the country's biggest insurer, rose 2.7 percent to 18.09 yuan. Ping An Insurance Co, China's second largest insurer, gained 2.9 percent to 42.40 yuan.
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