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Shanghai shares rise on hope of stimulus polices
By Hu Xiaocen |
August 1, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose amid renewed investors' hope that the government will introduce more stimulus measures to fuel stable growth and to boost manufacturing activities.
The Shanghai Composite Index rose for the first time in three days by 0.94 percent to 2,123.36 points by the trading close.
China's official manufacturing Purchasing Managers Index fell to 50.1 in July from June's 50.2, the lowest level in eight months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today.
Earlier at a meeting in Beijing, President Hu Jintao pledged to strengthen fiscal and monetary policies to bolster the real economy, and to step up efforts to expand domestic demands.
"The index may rebound after the constant slump. The extent of the rebound depends on policy factors," Guotai Junan Securities said in a note today. "Sluggish turnover indicates weak market sentiment. The next rebound will be driven by stimulating policies."
Material and metal producers led the climb. Anhui Conch Cement Co, the nation's biggest producer of the material, surged 3.4 percent to 14.94 yuan (US$2.35). Inner Mongolia Baotou Steel Rare-earth Hi-tech Co soared 4.8 percent to 37.24 yuan. Jiangxi Copper Co, China's biggest cooper producer, jumped 1.7 percent to 20.38 yuan.
The Shanghai Composite Index rose for the first time in three days by 0.94 percent to 2,123.36 points by the trading close.
China's official manufacturing Purchasing Managers Index fell to 50.1 in July from June's 50.2, the lowest level in eight months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today.
Earlier at a meeting in Beijing, President Hu Jintao pledged to strengthen fiscal and monetary policies to bolster the real economy, and to step up efforts to expand domestic demands.
"The index may rebound after the constant slump. The extent of the rebound depends on policy factors," Guotai Junan Securities said in a note today. "Sluggish turnover indicates weak market sentiment. The next rebound will be driven by stimulating policies."
Material and metal producers led the climb. Anhui Conch Cement Co, the nation's biggest producer of the material, surged 3.4 percent to 14.94 yuan (US$2.35). Inner Mongolia Baotou Steel Rare-earth Hi-tech Co soared 4.8 percent to 37.24 yuan. Jiangxi Copper Co, China's biggest cooper producer, jumped 1.7 percent to 20.38 yuan.
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