Related News
Shanghai shares surge 1.21% on market confidence
By Hu Xiaocen |
May 16, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks advanced for a second straight day today after Beijing policy makers expressed confidence in the world's second-biggest economy and called for a healthy growth.
The Shanghai Composite Index jumped 1.21 percent, the most in two weeks, to 2,251.81 points, led by financials and property developers.
"It is worth watching the market reaction to comments by Chinese policy makers. President Xi Jinping said China's economy is in 'good' shape while Vice Premier Zhang Dejiang said no approval will be made for investment in a range of heavy industries. The remarks suggest that Beijing is fairly comfortable with a somewhat slower growth pace and will not introduce any major stimulus," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, in a note today.
All financial stocks rallied. Haitong Securities rose 3.7 percent to 11.03 yuan. New China Life Insurance Co surged 4.4 percent to 24.39 yuan. ICBC, the world's biggest lender, added 0.7 percent to 4.09 yuan.
Property developers advanced. China's second-biggest developer, Poly Real Estate Group Co, climbed 4.3 percent to 12.07 yuan. Shanghai Xinmei Real Estate Co, increased 4.1 percent to 5.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co gained 2.3 percent to 11.97 yuan.
The Shanghai Composite Index jumped 1.21 percent, the most in two weeks, to 2,251.81 points, led by financials and property developers.
"It is worth watching the market reaction to comments by Chinese policy makers. President Xi Jinping said China's economy is in 'good' shape while Vice Premier Zhang Dejiang said no approval will be made for investment in a range of heavy industries. The remarks suggest that Beijing is fairly comfortable with a somewhat slower growth pace and will not introduce any major stimulus," said Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, in a note today.
All financial stocks rallied. Haitong Securities rose 3.7 percent to 11.03 yuan. New China Life Insurance Co surged 4.4 percent to 24.39 yuan. ICBC, the world's biggest lender, added 0.7 percent to 4.09 yuan.
Property developers advanced. China's second-biggest developer, Poly Real Estate Group Co, climbed 4.3 percent to 12.07 yuan. Shanghai Xinmei Real Estate Co, increased 4.1 percent to 5.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co gained 2.3 percent to 11.97 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
