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Shanghai shares rise as investors wait for stimulus
By Ye Zhen |
September 3, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks climbed today on speculation that policymakers in the United States and China may soon step up efforts to spur economy.
The Shanghai Composite Index added 0.57 percent, or 11.63 points, to 2,059.15 points. Turnover stood at 47.9 billion yuan (US$7.6 billion) at the trading close.
Federal Reserve Chairman Ben S. Bernanke said on Friday the Fed is ready to take action to boost the US economy as needed, sending a strong signal for another round of monetary easing.
A further contraction in China's manufacturing sector also fueled the expectation that China's central bank will roll out extra stimulus measures.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 47.6 in August, the lowest in 41 months, down from July's reading of 49.3, HSBC Holdings PLC announced today.
A reading below 50 means contraction while a reading above 50 indicates expansion.
Gold stocks jumped after the gold price surged almost to a five-month high on stimulus hopes. Zijin Mining Group Co, China's largest gold producer, rose 2.2 percent to close at 3.76 yuan. Shandong Gold Mining Co jumped 6.9 percent to 35.83 yuan. Zhongjin Gold Corp climbed 4.6 percent to 14.73 yuan.
Property developers advanced as well after Premier Wen Jiabao stressed increased supply of affordable homes. Poly Real Estate, the country's second largest developer, jumped 7.7 percent to close at 10.13 yuan. Gemdale Corporation rose 4.2 percent to 5.23 yuan.
The Shanghai Composite Index added 0.57 percent, or 11.63 points, to 2,059.15 points. Turnover stood at 47.9 billion yuan (US$7.6 billion) at the trading close.
Federal Reserve Chairman Ben S. Bernanke said on Friday the Fed is ready to take action to boost the US economy as needed, sending a strong signal for another round of monetary easing.
A further contraction in China's manufacturing sector also fueled the expectation that China's central bank will roll out extra stimulus measures.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 47.6 in August, the lowest in 41 months, down from July's reading of 49.3, HSBC Holdings PLC announced today.
A reading below 50 means contraction while a reading above 50 indicates expansion.
Gold stocks jumped after the gold price surged almost to a five-month high on stimulus hopes. Zijin Mining Group Co, China's largest gold producer, rose 2.2 percent to close at 3.76 yuan. Shandong Gold Mining Co jumped 6.9 percent to 35.83 yuan. Zhongjin Gold Corp climbed 4.6 percent to 14.73 yuan.
Property developers advanced as well after Premier Wen Jiabao stressed increased supply of affordable homes. Poly Real Estate, the country's second largest developer, jumped 7.7 percent to close at 10.13 yuan. Gemdale Corporation rose 4.2 percent to 5.23 yuan.
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