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Shanghai index hits 2-week high with 1.2% rise
By Ye Zhen |
May 29, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained for a second straight day, sending the benchmark index to a two-week high, as the central government stepped up efforts to support economic growth.
The Shanghai Composite Index gained 1.2 percent, or 28.27 points to end at 2,389.64. Turnover was 111.4 billion yuan (US$17.7 billion) at the trading close.
The government took a succession of measures to boost domestic consumption and speed up approvals of infrastructure projects in order to reverse the slowdown.
Credit Suisse Group AG on Monday estimated the Chinese government's stimulus could be 1 trillion yuan to 2 trillion yuan. That compares with the 4 trillion yuan stimulus plan in response to the global financial crisis in 2008.
Glass producers led the market gains on rising prices and the government's move to speed up construction. Luoyang Glass Co jumped the daily limit of 10 percent to 6.89 yuan. Glass manufacturer Zhuzhou Kibing Group Co added 4.4 percent to close at 9.02 yuan.
Auto manufacturers advanced after the government agreed to restore financial incentives to revive car demand. Beiqi Foton Motor Co added 0.7 percent to 8.50 yuan. SAIC Motor Corporation rose 0.7 percent to 15.65 yuan. Great Wall Motor Co surged 6.4 percent to 17.37 yuan.
Property developers gained on data showing the property market is picking up across the country. China Vanke, the nation's biggest developer, gained 1.1 percent to 9.27 yuan. Poly Real Estate, the second largest developer, ended flat at 13.96 yuan.
As of May 24, new home sales rose 22 percent from a month earlier in 54 cities, while the figure grew 28 percent monthly in the country's four biggest cities, Centaline China Property Research said on its website today.
The Shanghai Composite Index gained 1.2 percent, or 28.27 points to end at 2,389.64. Turnover was 111.4 billion yuan (US$17.7 billion) at the trading close.
The government took a succession of measures to boost domestic consumption and speed up approvals of infrastructure projects in order to reverse the slowdown.
Credit Suisse Group AG on Monday estimated the Chinese government's stimulus could be 1 trillion yuan to 2 trillion yuan. That compares with the 4 trillion yuan stimulus plan in response to the global financial crisis in 2008.
Glass producers led the market gains on rising prices and the government's move to speed up construction. Luoyang Glass Co jumped the daily limit of 10 percent to 6.89 yuan. Glass manufacturer Zhuzhou Kibing Group Co added 4.4 percent to close at 9.02 yuan.
Auto manufacturers advanced after the government agreed to restore financial incentives to revive car demand. Beiqi Foton Motor Co added 0.7 percent to 8.50 yuan. SAIC Motor Corporation rose 0.7 percent to 15.65 yuan. Great Wall Motor Co surged 6.4 percent to 17.37 yuan.
Property developers gained on data showing the property market is picking up across the country. China Vanke, the nation's biggest developer, gained 1.1 percent to 9.27 yuan. Poly Real Estate, the second largest developer, ended flat at 13.96 yuan.
As of May 24, new home sales rose 22 percent from a month earlier in 54 cities, while the figure grew 28 percent monthly in the country's four biggest cities, Centaline China Property Research said on its website today.
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