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Shanghai index up 0.1% amid rising sentiment
By Hu Xiaocen |
December 18, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rallied for a third straight day amid expectations for stock market reform and stabilizing economic conditions.
The Shanghai Composite Index edged up 0.1 percent to 2,162.46 points today, the highest level in more than 18 weeks. Daily turnover was 99 billion yuan (US$15.7 billion).
"Without doubt, the domestic economy is recovering and stabilizing, while the valuation of A-shares remains at its lowest level," said Shanghai Securities Co in a report this week. "These two factors are driving the market rebound. Earlier, investors were worried that new IPOs delayed by the securities regulator due to sluggish trading may drain market liquidity. But the regulator said it has plans to solve the issue, which lifted the market sentiment."
China's economy will expand by 8 percent in the fourth quarter and by 7.8 percent for the whole year, said ANZ Bank in a report today.
The Shanghai Securities News said the construction sector will attract more investment as the newly-concluded Central Economic Work Conference called for continued efforts in urbanization.
Cement producers gained 1.1 percent on average today on the prospect of rising demand for cement.
Shaanxi Qinling Cement Group Co and Fujian Cement Inc both soared by the daily limit of 10 percent to 6.88 yuan and 6.84 yuan respectively. However, Anhui Conch Cement Co, the nation's biggest cement producer, slumped 1 percent to 18.64 yuan.
The Shanghai Composite Index edged up 0.1 percent to 2,162.46 points today, the highest level in more than 18 weeks. Daily turnover was 99 billion yuan (US$15.7 billion).
"Without doubt, the domestic economy is recovering and stabilizing, while the valuation of A-shares remains at its lowest level," said Shanghai Securities Co in a report this week. "These two factors are driving the market rebound. Earlier, investors were worried that new IPOs delayed by the securities regulator due to sluggish trading may drain market liquidity. But the regulator said it has plans to solve the issue, which lifted the market sentiment."
China's economy will expand by 8 percent in the fourth quarter and by 7.8 percent for the whole year, said ANZ Bank in a report today.
The Shanghai Securities News said the construction sector will attract more investment as the newly-concluded Central Economic Work Conference called for continued efforts in urbanization.
Cement producers gained 1.1 percent on average today on the prospect of rising demand for cement.
Shaanxi Qinling Cement Group Co and Fujian Cement Inc both soared by the daily limit of 10 percent to 6.88 yuan and 6.84 yuan respectively. However, Anhui Conch Cement Co, the nation's biggest cement producer, slumped 1 percent to 18.64 yuan.
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