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Shanghai index rises 1.34%, led by financial, cyclical shares
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SHANGHAI stocks rose this morning on gains of financial and cyclical shares as investors are upbeat about stimulus measures.
The key Shanghai Composite Index increased 1.34 percent, or 27.55 points, to 2,086.39. Half-day turnover was 50.6 billion yuan (US$8.3 billion).
Economists and analysts expect the central government to boost infrastructure investment and slightly relax its monetary policy to ensure the world’s second largest economy to meet this year’s growth target of 7.5 percent.
“The downward pressure is limited as authorities roll out measures to shore up economic growth,” said Shenyin & Wanguo Securities.
But investors may stay cautious this week ahead of the release of more economic data, the brokerage said.
Shares of coal and metal producers advanced. China Shenhua Energy Co Ltd rose 2.6 percent to 14.37 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd gained 3.6 percent to 8.27 yuan. Shanxi Coal International Energy Group Co Ltd climbed 4.2 percent to 4.05 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd added 1.6 percent to 21.15 yuan. Xiamen Tungsten Co Ltd gained 4.7 percent to 26.79 yuan.
Financial shares also rose even though the central bank today drained 63 billion yuan from the banking system.
Industrial Bank Co Ltd rose 4.3 percent to 9.99 yuan. Shanghai Pudong Development Bank Co Ltd increased 2.5 percent to 9.97 yuan.
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