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Shanghai index up 1.2% in morning trading
By Ye Zhen |
December 7, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning, posting the biggest weekly gain in 13 weeks, after China's new leadership vowed proactive fiscal policies to sustain economic growth.
The key Shanghai Composite Index rose 1.2 percent to 2,053.86 points. Turnover reached 43.5 billion yuan (US$7 billion) by midday.
China should maintain proactive fiscal policies and prudent monetary policies to sustain its economic growth, Xi Jinping, general secretary of the Communist Party of China, said at a meeting with non-Party figures last week, Xinhua News Agency reported yesterday.
Agriculture-related shares gained the most after the government said it will increase support for agriculture. Gansu Yasheng Industrial Group Co, a producer of high-quality farm products, jumped 5.1 percent to 6 yuan. Gansu Dunhuang Seed Co leaped by the daily limit of 10 percent to 6.15 yuan. Jilin Forest Industry Co surged 9.9 percent to 6.58 yuan.
Cement producers continued their bull run as the government made it clear to speed up urbanization. BBMG Corporation soared 10 percent to 7 yuan. Anhui Conch Cement Co, the biggest cement producer, added 2.4 percent to 17.83 yuan. Gansu Qilianshan Cement Group Co rose 4.3 percent to 9.80 yuan.
The key Shanghai Composite Index rose 1.2 percent to 2,053.86 points. Turnover reached 43.5 billion yuan (US$7 billion) by midday.
China should maintain proactive fiscal policies and prudent monetary policies to sustain its economic growth, Xi Jinping, general secretary of the Communist Party of China, said at a meeting with non-Party figures last week, Xinhua News Agency reported yesterday.
Agriculture-related shares gained the most after the government said it will increase support for agriculture. Gansu Yasheng Industrial Group Co, a producer of high-quality farm products, jumped 5.1 percent to 6 yuan. Gansu Dunhuang Seed Co leaped by the daily limit of 10 percent to 6.15 yuan. Jilin Forest Industry Co surged 9.9 percent to 6.58 yuan.
Cement producers continued their bull run as the government made it clear to speed up urbanization. BBMG Corporation soared 10 percent to 7 yuan. Anhui Conch Cement Co, the biggest cement producer, added 2.4 percent to 17.83 yuan. Gansu Qilianshan Cement Group Co rose 4.3 percent to 9.80 yuan.
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