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Shanghai index rises on Wen's pledge for stable economic growth
By Ye Zhen |
May 22, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rallied today as the Chinese government signaled it would boost the economy while European leaders pledged to make every effort to keep Greece in the euro union.
The benchmark Shanghai Composite Index gained 1.1 percent, or 25.01 points to 2,373.31. Turnover was 75.4 billion yuan (US$12 billion).
China will give priority to maintaining stable economic growth, Premier Wen Jiabao said during a weekend trip to Wuhan, capital of Hubei Province.
Wen's pledge indicated the Chinese government could further ease monetary policies to revive a slowing economy, Citigroup Inc said in a report.
The central bank cut the reserve requirement for commercial banks by 50 basis points on May 18.
German Finance Minister Wolfgang Schaeuble said yesterday that they will do "everything necessary" to keep Greece in the euro union, reducing worries over the outlook of the debt-laden country.
Property developers advanced in Shanghai trading on speculation the central government may stop tightening property policies. China Vanke, the nation's biggest developer, rose 4 percent to 9.01 yuan. Poly Real Estate, the second largest developer, surged 5.4 percent to 13.41 yuan.
The government will continue home purchase restrictions although it may refrain from establishing a property tax in more cities in near future, said Chen Guoqiang, vice chairman of the China Real Estate Society.
Brokerages and lenders also rose. Citic Securities, the biggest listed brokerage, climbed 2.8 percent to 13.30 yuan. Southwest Securities Co jumped 7.2 percent to 10.82 yuan.
China Merchants Bank Co added 1.5 percent to 11.81 yuan while Agricultural Bank of China gained 0.4 percent to 2.66. Industrial and Commercial Bank of China Ltd, the nation's largest lender, ended flat at 4.23 yuan.
The benchmark Shanghai Composite Index gained 1.1 percent, or 25.01 points to 2,373.31. Turnover was 75.4 billion yuan (US$12 billion).
China will give priority to maintaining stable economic growth, Premier Wen Jiabao said during a weekend trip to Wuhan, capital of Hubei Province.
Wen's pledge indicated the Chinese government could further ease monetary policies to revive a slowing economy, Citigroup Inc said in a report.
The central bank cut the reserve requirement for commercial banks by 50 basis points on May 18.
German Finance Minister Wolfgang Schaeuble said yesterday that they will do "everything necessary" to keep Greece in the euro union, reducing worries over the outlook of the debt-laden country.
Property developers advanced in Shanghai trading on speculation the central government may stop tightening property policies. China Vanke, the nation's biggest developer, rose 4 percent to 9.01 yuan. Poly Real Estate, the second largest developer, surged 5.4 percent to 13.41 yuan.
The government will continue home purchase restrictions although it may refrain from establishing a property tax in more cities in near future, said Chen Guoqiang, vice chairman of the China Real Estate Society.
Brokerages and lenders also rose. Citic Securities, the biggest listed brokerage, climbed 2.8 percent to 13.30 yuan. Southwest Securities Co jumped 7.2 percent to 10.82 yuan.
China Merchants Bank Co added 1.5 percent to 11.81 yuan while Agricultural Bank of China gained 0.4 percent to 2.66. Industrial and Commercial Bank of China Ltd, the nation's largest lender, ended flat at 4.23 yuan.
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