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Shanghai shares surge 2% on optimism
By Ye Zhen |
December 25, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rallied this morning, sending the benchmark index over 2,200 points, as the central government accelerated approval of building projects to spur economic growth.
The Shanghai Composite Index surged 2 percent to 2,203.19 points. Turnover was 53.5 billion yuan (US$8.6 billion) by the noon break.
The National Development and Reform Commission yesterday said it has given permission to 21 major construction projects, bringing the total to 94 this month, up from 17 in November and 75 in October, indicating the government has quicken the approval process to boost domestic investment.
Market sentiment also improved after the commission said in a draft proposal that the country's urbanization scheme could attract 40 trillion yuan in investment over the next 10 years.
Property developers led the market up. Poly Real Estate jumped 5.3 percent to 12.91 yuan. Gemdale Corporation advanced 5 percent to 6.36 yuan.
Insurers gained after data from the China Insurance Regulatory Commission showed the original premium income received by the country's insurers increased to 1.4 trillion yuan in the first 11 months of this year from 98.7 billion yuan a year earlier.
China Life Insurance, the country's biggest insurer, added 2.3 percent to 19.77 yuan. Ping An Insurance Co, the second largest, rose 2.3 percent to 43.10 yuan. China Pacific Insurance (Group) Co climbed 2.9 percent to 21.54 yuan.
The Shanghai Composite Index surged 2 percent to 2,203.19 points. Turnover was 53.5 billion yuan (US$8.6 billion) by the noon break.
The National Development and Reform Commission yesterday said it has given permission to 21 major construction projects, bringing the total to 94 this month, up from 17 in November and 75 in October, indicating the government has quicken the approval process to boost domestic investment.
Market sentiment also improved after the commission said in a draft proposal that the country's urbanization scheme could attract 40 trillion yuan in investment over the next 10 years.
Property developers led the market up. Poly Real Estate jumped 5.3 percent to 12.91 yuan. Gemdale Corporation advanced 5 percent to 6.36 yuan.
Insurers gained after data from the China Insurance Regulatory Commission showed the original premium income received by the country's insurers increased to 1.4 trillion yuan in the first 11 months of this year from 98.7 billion yuan a year earlier.
China Life Insurance, the country's biggest insurer, added 2.3 percent to 19.77 yuan. Ping An Insurance Co, the second largest, rose 2.3 percent to 43.10 yuan. China Pacific Insurance (Group) Co climbed 2.9 percent to 21.54 yuan.
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