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Shanghai shares rise 1.6% on policy expectations
By Ye Zhen |
December 7, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today as market sentiment improved after China's new leadership vowed proactive fiscal policies to sustain economic growth.
The key Shanghai Composite Index gained 1.6 percent to close at 2,061.79 points. Daily turnover was 82.2 billion yuan (US$13.3 billion). The index posted the biggest weekly gain since October 28, 2011 by rising 4.1 percent this week.
China should maintain proactive fiscal policies and prudent monetary policies to sustain 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.
Analysts are optimistic about a faster economic growth in 2013. In a recent report, JPMorgan Chase & Co predicted that China's economy would expand 8 percent next year, up from 7.6 percent estimated for this year.
"China's economy is regaining momentum thanks to the easing policies, a warming property market, shortened inventory cycle and a recovering global economy," the investment bank said.
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 6.1 percent to 6.07 yuan. Gansu Dunhuang Seed Co leaped by the daily limit of 10 percent to 6.15 yuan. Guangxi Fenglin Wood Industry Group Co gained 10 percent to 7.21 yuan.
Lenders also advanced as data showed China's central bank this week injected 11 billion yuan into the market to ease the year-end liquidity crunch. Industrial Bank Co climbed 3.5 percent to 14.08 yuan. Shanghai Pudong Development Bank Co rose 4.7 percent to 8.26 yuan. China Minsheng Banking Corp added 4 percent to 6.85 yuan.
The key Shanghai Composite Index gained 1.6 percent to close at 2,061.79 points. Daily turnover was 82.2 billion yuan (US$13.3 billion). The index posted the biggest weekly gain since October 28, 2011 by rising 4.1 percent this week.
China should maintain proactive fiscal policies and prudent monetary policies to sustain 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.
Analysts are optimistic about a faster economic growth in 2013. In a recent report, JPMorgan Chase & Co predicted that China's economy would expand 8 percent next year, up from 7.6 percent estimated for this year.
"China's economy is regaining momentum thanks to the easing policies, a warming property market, shortened inventory cycle and a recovering global economy," the investment bank said.
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 6.1 percent to 6.07 yuan. Gansu Dunhuang Seed Co leaped by the daily limit of 10 percent to 6.15 yuan. Guangxi Fenglin Wood Industry Group Co gained 10 percent to 7.21 yuan.
Lenders also advanced as data showed China's central bank this week injected 11 billion yuan into the market to ease the year-end liquidity crunch. Industrial Bank Co climbed 3.5 percent to 14.08 yuan. Shanghai Pudong Development Bank Co rose 4.7 percent to 8.26 yuan. China Minsheng Banking Corp added 4 percent to 6.85 yuan.
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