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Shanghai shares pick up on Wen's vow to meet growth target
By Feng Jianmin |
September 12, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks gained today after the county's policy makers hinted to use more capital spending and monetary measures to boost the economy.
The benchmark Shanghai Composite Index crept up 0.28 percent, or 6 points, to 2,126.55 points. Turnover was 69.2 billion yuan (US$10.9 billion) at the trading close.
Market sentiment improved after Premier Wen Jiabao said he remained upbeat about the country's economy and said China can meet this year's growth target of 7.5 percent with policy support.
The government has "ample space" to use either monetary or fiscal measures to boost economic growth and may utilize its fiscal surplus and a fiscal stability fund of more than 100 billion yuan if necessary, Wen said yesterday at the Summer Davos Forum held in Tianjin in north China.
Zhang Xiaoqiang, a senior official at the National Development and Reform Commission, China's top economic planner, said China will invest a total of 3.6 trillion yuan to develop energy-saving projects between 2011 and 2015.
Cement producers led the gainers on speculation for growing demand under the stimulus. Shaanxi Qinling Cement Co surged by the daily limit of 10 percent to 4 yuan. Gansu Qilianshan Cement Group Co jumped 4.4 percent to 11.81 yuan.
Defense-related companies extended a two-day rally. Asian Star Anchor Chain Co rose 1.7 percent to 9.18 yuan. CSSC Jiangnan Heavy Industry Co added 1 percent to 16.22 yuan. China CSSC Holdings Limited edged up 0.83 percent to 21.80 yuan.
Lenders led the decliners. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 1.1 percent to 3.75 yuan. Bank of Communications shed 1.4 percent to 4.21 yuan. Agricultural Bank of China dipped 0.4 percent to 2.46 yuan.
The benchmark Shanghai Composite Index crept up 0.28 percent, or 6 points, to 2,126.55 points. Turnover was 69.2 billion yuan (US$10.9 billion) at the trading close.
Market sentiment improved after Premier Wen Jiabao said he remained upbeat about the country's economy and said China can meet this year's growth target of 7.5 percent with policy support.
The government has "ample space" to use either monetary or fiscal measures to boost economic growth and may utilize its fiscal surplus and a fiscal stability fund of more than 100 billion yuan if necessary, Wen said yesterday at the Summer Davos Forum held in Tianjin in north China.
Zhang Xiaoqiang, a senior official at the National Development and Reform Commission, China's top economic planner, said China will invest a total of 3.6 trillion yuan to develop energy-saving projects between 2011 and 2015.
Cement producers led the gainers on speculation for growing demand under the stimulus. Shaanxi Qinling Cement Co surged by the daily limit of 10 percent to 4 yuan. Gansu Qilianshan Cement Group Co jumped 4.4 percent to 11.81 yuan.
Defense-related companies extended a two-day rally. Asian Star Anchor Chain Co rose 1.7 percent to 9.18 yuan. CSSC Jiangnan Heavy Industry Co added 1 percent to 16.22 yuan. China CSSC Holdings Limited edged up 0.83 percent to 21.80 yuan.
Lenders led the decliners. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 1.1 percent to 3.75 yuan. Bank of Communications shed 1.4 percent to 4.21 yuan. Agricultural Bank of China dipped 0.4 percent to 2.46 yuan.
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