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Shanghai index soars past 2,000-point mark
By Ye Zhen |
December 5, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks surged this morning, surpassing the crucial 2,000-point level, after China's new leadership pledged policy fine-tuning to stabilize and support economic growth in the coming year.
The benchmark Shanghai Composite Index jumped 3 percent, or 59.44 points, to 2,034.58 points. Turnover reached 50.5 billion yuan (US$8.1 billion) by midday.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tune them appropriately," according to a statement issued after a politburo meeting presided by Xi Jinping, the newly-elected general secretary of the Communist Party of China.
China will continue to deepen reforms, improve macro control, expand domestic demand and adjust the economic structure, in an effort to improve people's livelihoods and add vitality to the economic development, the statement said.
Cement producers rallied on hopes that the country's urbanization drive will spur demand for cement. Anhui Conch Cement Co, the nation's biggest cement producer, rose 5.4 percent to 17.50 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit of 10 percent to 9 yuan. Shaanxi Qinling Cement (Group) Co soared 9.9 percent to 4.22 yuan.
Brokerages advanced among financial stocks. CITIC Securities, China's biggest listed brokerage, increased 5.1 percent to 10.69 yuan. Haitong Securities Co gained 6.3 percent to 8.66 yuan. Sinolink Securities Co jumped 8.9 percent to 14.06 yuan.
China Life Insurance, the country's largest insurer, added 2.4 percent to 18.49 yuan. Ping An Insurance Co, the second-largest insurer, climbed 4.1 percent to 38.94 yuan. China Pacific Insurance Co surged 5.9 percent to 18.65 yuan.
The benchmark Shanghai Composite Index jumped 3 percent, or 59.44 points, to 2,034.58 points. Turnover reached 50.5 billion yuan (US$8.1 billion) by midday.
"China will maintain continuity and stability in economic policies, making them more targeted and effective while fine-tune them appropriately," according to a statement issued after a politburo meeting presided by Xi Jinping, the newly-elected general secretary of the Communist Party of China.
China will continue to deepen reforms, improve macro control, expand domestic demand and adjust the economic structure, in an effort to improve people's livelihoods and add vitality to the economic development, the statement said.
Cement producers rallied on hopes that the country's urbanization drive will spur demand for cement. Anhui Conch Cement Co, the nation's biggest cement producer, rose 5.4 percent to 17.50 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit of 10 percent to 9 yuan. Shaanxi Qinling Cement (Group) Co soared 9.9 percent to 4.22 yuan.
Brokerages advanced among financial stocks. CITIC Securities, China's biggest listed brokerage, increased 5.1 percent to 10.69 yuan. Haitong Securities Co gained 6.3 percent to 8.66 yuan. Sinolink Securities Co jumped 8.9 percent to 14.06 yuan.
China Life Insurance, the country's largest insurer, added 2.4 percent to 18.49 yuan. Ping An Insurance Co, the second-largest insurer, climbed 4.1 percent to 38.94 yuan. China Pacific Insurance Co surged 5.9 percent to 18.65 yuan.
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