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Shanghai index up 0.58% on rising sentiment
By Ye Zhen |
November 23, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today as market sentiment was lifted by Chinese Vice Premier Li Keqiang's pledge to deepen reform to support economic growth.
The benchmark Shanghai Composite Index rose 0.58 percent, or 11.77 points, to 2,027.38 points, with a daily turnover of 38.3 billion yuan (US$6.2 billion). The index added 0.63 percent for the week, the first weekly gain in three weeks.
Vice Premier Li Keqiang vowed to deepen reform to achieve sustainable and healthy economic growth at a national meeting on reform policies and trials held in Beijing on Wednesday, according to the Xinhua News Agency.
The central government has selected 11 areas to pilot new reform measures to gain experiences and pave way for wider introduction, Li said.
Distilleries recovered from a sharp fall yesterday due to the tainted liquor scandal. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.3 percent 222.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 3 percent to 37.87 yuan. Shanghai Jinfeng Wine Co increased 4.9 percent to 8.84 yuan.
Analysts remained upbeat about the liquor industry. China Galaxy Securities said the plasticizer contamination incident will raise public attention to product safety and help the sector to develop better. Besides, sales of listed distilleries remained robust as the Spring Festival draws near.
Insurers rose among financial stocks. China Life Insurance, the country's biggest insurer, expanded 2.5 percent to 17.71 yuan. Ping An Insurance Co, China's second largest insurer, gained 1.7 percent to 37.12 yuan. China Pacific Insurance (Group) Co added 2.7 percent to 17.14 yuan.
The benchmark Shanghai Composite Index rose 0.58 percent, or 11.77 points, to 2,027.38 points, with a daily turnover of 38.3 billion yuan (US$6.2 billion). The index added 0.63 percent for the week, the first weekly gain in three weeks.
Vice Premier Li Keqiang vowed to deepen reform to achieve sustainable and healthy economic growth at a national meeting on reform policies and trials held in Beijing on Wednesday, according to the Xinhua News Agency.
The central government has selected 11 areas to pilot new reform measures to gain experiences and pave way for wider introduction, Li said.
Distilleries recovered from a sharp fall yesterday due to the tainted liquor scandal. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.3 percent 222.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 3 percent to 37.87 yuan. Shanghai Jinfeng Wine Co increased 4.9 percent to 8.84 yuan.
Analysts remained upbeat about the liquor industry. China Galaxy Securities said the plasticizer contamination incident will raise public attention to product safety and help the sector to develop better. Besides, sales of listed distilleries remained robust as the Spring Festival draws near.
Insurers rose among financial stocks. China Life Insurance, the country's biggest insurer, expanded 2.5 percent to 17.71 yuan. Ping An Insurance Co, China's second largest insurer, gained 1.7 percent to 37.12 yuan. China Pacific Insurance (Group) Co added 2.7 percent to 17.14 yuan.
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