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Shanghai index up 0.17%
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SHANGHAI stocks edged up today as slower economic growth fuelled hopes for stimulus and the securities regulator hinted at a delay in approving initial public offerings.
The key Shanghai Composite Index added 0.17 percent, or 3.52 points, to 2,105.12. Daily turnover was 75.1 billion yuan (US$12.3 billion).
China’s gross domestic product grew 7.4 percent year on year in the first quarter, data from the National Bureau OF Statistics showed.
The growth was slightly higher than the market estimate of 7.3 percent, but moderated from 7.7 percent in the fourth quarter of 2013.
“Policy makers will have to roll out stimulus policies in coming weeks to boost demand and rev up economic growth in the second quarter,” Beijing Gao Hua Securities said in a note today.
China earlier announced a raft of stimulus measures, such as more funding to replace shantytowns, more spending on railway projects, and more tax incentives for small enterprises.
The China Securities Regulatory Commission said today that review of IPO applications will be postponed as candidates are required to update their financial documents.
The statement was in response to a rumor that the regulator would restart IPO review as early as next week.
Founder Securities gained among brokerages, rising 3 percent to 5.92 yuan, after it posted a 96.7 percent increase in 2013 net profit. Industrial Securities Co Ltd increased 1.3 percent to 9.35 yuan. Haitong Securities added 0.9 percent to 9.89 yuan.
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