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Shanghai shares rise on hopes of new stimulus measures
By Ye Zhen |
September 10, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced for a third day on hopes that the central government will take new moves to invigorate a flagging economy after the country posted weak trade data for August.
The key Shanghai Composite Index rose 0.34 percent, or 7.13 points, to close at 2,134.89 points, with a daily turnover of 86.1 billion yuan (US$13.7 billion).
China's exports in August increased 2.7 percent from a year earlier to US$177.9 billion, up from 1 percent growth in July, the General Administration of Customs said today. Imports, meanwhile, dropped 2.6 percent annually to US$151.3 billion, a sharp fall from July's 4.7 percent increase.
The trade data is weaker than expected, indicating no obvious improvement in the external environment, said Liu Ligang, chief economist at ANZ Bank for Greater China Region. As China has no control over external demand, the government should introduce new stimulus measures to spur domestic demand and economic growth, Liu said.
President Hu Jintao on Saturday urged Asia-Pacific nations to intensify infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth. The comments came after an unveiling of 60 infrastructure projects last week.
Cement producers led the market gains. Anhui Conch Cement Co, China's biggest cement producer, increased 2.5 percent to 15.46 yuan. Fujian Cement Inc leaped 7.6 percent to 6.93 yuan. Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 11.62 yuan.
Shale gas related stocks gained after China's Ministry of Land and Resources invited bids for shale gas exploration rights in 20 blocks total 20,002 square kilometers. Guanghui Energy Co jumped 7.2 percent to 14.69 yuan. Sichuan Tianyi Science & Technology Co climbed 2.6 percent to 10.75 yuan.
The key Shanghai Composite Index rose 0.34 percent, or 7.13 points, to close at 2,134.89 points, with a daily turnover of 86.1 billion yuan (US$13.7 billion).
China's exports in August increased 2.7 percent from a year earlier to US$177.9 billion, up from 1 percent growth in July, the General Administration of Customs said today. Imports, meanwhile, dropped 2.6 percent annually to US$151.3 billion, a sharp fall from July's 4.7 percent increase.
The trade data is weaker than expected, indicating no obvious improvement in the external environment, said Liu Ligang, chief economist at ANZ Bank for Greater China Region. As China has no control over external demand, the government should introduce new stimulus measures to spur domestic demand and economic growth, Liu said.
President Hu Jintao on Saturday urged Asia-Pacific nations to intensify infrastructure development to boost domestic demand, create more jobs and achieve sustainable economic growth. The comments came after an unveiling of 60 infrastructure projects last week.
Cement producers led the market gains. Anhui Conch Cement Co, China's biggest cement producer, increased 2.5 percent to 15.46 yuan. Fujian Cement Inc leaped 7.6 percent to 6.93 yuan. Gansu Qilianshan Cement Group Co surged by the daily limit of 10 percent to 11.62 yuan.
Shale gas related stocks gained after China's Ministry of Land and Resources invited bids for shale gas exploration rights in 20 blocks total 20,002 square kilometers. Guanghui Energy Co jumped 7.2 percent to 14.69 yuan. Sichuan Tianyi Science & Technology Co climbed 2.6 percent to 10.75 yuan.
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