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Shanghai index rebounds on Wen's pledge to stabilize growth
By Ye Zhen |
July 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI equity market rebounded from a six-month low, bolstered by infrastructure-related shares, as Premier Wen Jiabao called for more investment to maintain growth.
The key Shanghai Composite Index rose 0.51 percent or 10.95 points to close at 2,175.38 points. Turnover was 53.4 billion yuan (US$8.5 billion).
"Measures to stabilize growth include boosting consumption and diversifying exports, but now, a reasonable growth in investment is more important," Wen said at a meeting with economists and business leaders.
Wen also encouraged private investment to enter sectors such as railway, public utilities, energy, telecoms, medical services and education.
Cement producers gained on Wen's comments. Anhui Conch Cement Co, China's biggest cement producer, rose 2.8 percent to 14.53 yuan. Gansu Qilianshan Cement Group Co surged to the day limit of 10 percent to close at 10.23 yuan.
China Railway Erju Co jumped 5.8 percent to settle at 6.50 yuan. China Railway Construction Co rose 3.4 percent to 4.54 yuan.
Wineries gained as investors are optimistic about liquor industry earnings in the first half of this year. Kweichow Moutai Co added 3 percent to 258.01 yuan. Sichuan Swellfun Co soared 6.4 percent to 30.64 yuan.
Property developers continued a weak run amid concerns the government may tighten measures to curb speculation in the housing market in the second half of this year. China Vanke, the nation's biggest developer, shed 1.5 percent to 9.40 yuan. Poly Real Estate, the second largest developer, lost 0.8 percent to 12.43 yuan. Gemdale Corporation fell 1.2 percent to 6.76 yuan.
The key Shanghai Composite Index rose 0.51 percent or 10.95 points to close at 2,175.38 points. Turnover was 53.4 billion yuan (US$8.5 billion).
"Measures to stabilize growth include boosting consumption and diversifying exports, but now, a reasonable growth in investment is more important," Wen said at a meeting with economists and business leaders.
Wen also encouraged private investment to enter sectors such as railway, public utilities, energy, telecoms, medical services and education.
Cement producers gained on Wen's comments. Anhui Conch Cement Co, China's biggest cement producer, rose 2.8 percent to 14.53 yuan. Gansu Qilianshan Cement Group Co surged to the day limit of 10 percent to close at 10.23 yuan.
China Railway Erju Co jumped 5.8 percent to settle at 6.50 yuan. China Railway Construction Co rose 3.4 percent to 4.54 yuan.
Wineries gained as investors are optimistic about liquor industry earnings in the first half of this year. Kweichow Moutai Co added 3 percent to 258.01 yuan. Sichuan Swellfun Co soared 6.4 percent to 30.64 yuan.
Property developers continued a weak run amid concerns the government may tighten measures to curb speculation in the housing market in the second half of this year. China Vanke, the nation's biggest developer, shed 1.5 percent to 9.40 yuan. Poly Real Estate, the second largest developer, lost 0.8 percent to 12.43 yuan. Gemdale Corporation fell 1.2 percent to 6.76 yuan.
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