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Shanghai shares rally on US market surge, EU bond plan
By Ye Zhen |
September 7, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded this morning following a surge in the US market as the European Central Bank announced a new bond-buying program to lower borrowing costs while the Chinese government speeded up infrastructure project approvals to revitalize economy.
The key Shanghai Composite Index advanced 4.2 percent, or 86.1 points, to 2,138.0 points. Turnover stood at 62.1 billion yuan (US$9.7 billion) by midday.
European Central Bank President Mario Draghi yesterday announced details of an unlimited bond-buying program aimed at stabilizing euro-zone borrowing costs. As a result, US stocks surged with the S&P 500 closing at the highest level since May 2008. The Nasdaq index hit its best level in 12 years, and the Dow index posted the biggest daily gain in two months.
China has approved another 20 construction projects, including 13 road projects totaling more than 2,000 kilometers, the National Development & Reform Commission said on its website yesterday. Plus the 25 subway projects announced on Wednesday, total investment in these projects will top 1 trillion yuan, the biggest stimulus package since October 2008.
The acceleration of project approvals is expected to boost infrastructure investment to grow 20 percent this year and help offset negative factors of sluggish property market and exports, a HSBC report said yesterday.
Construction-related stocks soared. Anhui Conch Cement Co, China's biggest cement producer, added 9.1 percent to 14.95 yuan. Zhejiang Jianfeng Group Co, a building materials supplier, jumped by the daily limit of 10 percent to 10.67 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit to 10.56 yuan.
Baoshan Iron and Steel Co, China's biggest listed steelmaker, climbed 3 percent to 4.58 yuan. Inner Mongolia Baotou Steel Union Co increased 8 percent to 5.28 yuan.
The key Shanghai Composite Index advanced 4.2 percent, or 86.1 points, to 2,138.0 points. Turnover stood at 62.1 billion yuan (US$9.7 billion) by midday.
European Central Bank President Mario Draghi yesterday announced details of an unlimited bond-buying program aimed at stabilizing euro-zone borrowing costs. As a result, US stocks surged with the S&P 500 closing at the highest level since May 2008. The Nasdaq index hit its best level in 12 years, and the Dow index posted the biggest daily gain in two months.
China has approved another 20 construction projects, including 13 road projects totaling more than 2,000 kilometers, the National Development & Reform Commission said on its website yesterday. Plus the 25 subway projects announced on Wednesday, total investment in these projects will top 1 trillion yuan, the biggest stimulus package since October 2008.
The acceleration of project approvals is expected to boost infrastructure investment to grow 20 percent this year and help offset negative factors of sluggish property market and exports, a HSBC report said yesterday.
Construction-related stocks soared. Anhui Conch Cement Co, China's biggest cement producer, added 9.1 percent to 14.95 yuan. Zhejiang Jianfeng Group Co, a building materials supplier, jumped by the daily limit of 10 percent to 10.67 yuan. Gansu Qilianshan Cement Group Co jumped by the daily limit to 10.56 yuan.
Baoshan Iron and Steel Co, China's biggest listed steelmaker, climbed 3 percent to 4.58 yuan. Inner Mongolia Baotou Steel Union Co increased 8 percent to 5.28 yuan.
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