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Shanghai index hits 5-month high on rosy outlook
By Ye Zhen |
December 25, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded to their highest level in more than five months, erasing earlier losses, as the central government accelerated approval of building projects to spur growth, giving a boost to investor confidence.
The key Shanghai Composite Index surged 2.5 percent to 2,213.61 points, the highest close since July 6. Daily turnover was 114.8 billion yuan (US$18.5 billion).
The National Development and Reform Commission yesterday said it has given permission to 21 major construction projects, bringing the total to 94 this month, up from 17 in November and 75 in October, indicating the government has speeded up approval process to boost domestic investment.
The commission said in a separate report that the country's urbanization scheme could attract 40 trillion yuan in investment over the next 10 years.
"Investors are getting active with a high expectation for the urbanization drive, while an improving economy also gave a boost to the market sentiment," said Yao Kai, analyst with Aerospace Securities.
Property developers were the biggest gainers after the Ministry of Housing and Urban-Rural Development said it will support home purchases for self-living and home improvements next year.
CITIC Securities said the government will be more tolerant of rising home prices as it tries to stimulate economic growth.
Poly Real Estate jumped 4.7 percent to 12.84 yuan. Gemdale Corporation advanced 5.6 percent to 6.40 yuan.
The key Shanghai Composite Index surged 2.5 percent to 2,213.61 points, the highest close since July 6. Daily turnover was 114.8 billion yuan (US$18.5 billion).
The National Development and Reform Commission yesterday said it has given permission to 21 major construction projects, bringing the total to 94 this month, up from 17 in November and 75 in October, indicating the government has speeded up approval process to boost domestic investment.
The commission said in a separate report that the country's urbanization scheme could attract 40 trillion yuan in investment over the next 10 years.
"Investors are getting active with a high expectation for the urbanization drive, while an improving economy also gave a boost to the market sentiment," said Yao Kai, analyst with Aerospace Securities.
Property developers were the biggest gainers after the Ministry of Housing and Urban-Rural Development said it will support home purchases for self-living and home improvements next year.
CITIC Securities said the government will be more tolerant of rising home prices as it tries to stimulate economic growth.
Poly Real Estate jumped 4.7 percent to 12.84 yuan. Gemdale Corporation advanced 5.6 percent to 6.40 yuan.
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