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Shanghai stocks climb following the lead of US markets
By Ye Zhen |
May 22, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning following gains in the US market after China yesterday pledged to stress economic growth.
The benchmark Shanghai Composite Index edged up 0.5 percent, or 11 points to 2359.30.Turnover stood at 37.8 billion yuan (US$6 billion) in the morning session.
US stocks rebound overnight after Premier Wen Jiabao said that China should adhere to a proactive fiscal policy and a prudent monetary policy, while focusing more on maintaining steady economic growth.
The S&P 500 gained 1.6 percent to 1,315.99, ending a six-day slide. The Dow Jones Industrial Average rose 1.1 percent while the Nasdaq Composite Index added 2.5 percent.
In Shanghai, cement producers surged 2.8 percent on average after the China Securities Journal reported the government will speed up approval of infrastructure construction projects to boost the economy after signs of a slowdown.
Huaxin Cement Co added 3.8 percent to 14.66 yuan. Zhejiang Jianfeng Group Co gained 3.3 percent to 11.80 yuan, while Anhui Conch Cement Co rose 2.4 percent to 16.51 yuan.
Gold stocks lost following a drop of gold futures in New York. Zhongjin Gold Corp shed 0.4 percent to 22.82 yuan, while Zijin Mining Group Co, the nation's largest gold producer, lost 0.2 percent to 4.12 yuan.
The benchmark Shanghai Composite Index edged up 0.5 percent, or 11 points to 2359.30.Turnover stood at 37.8 billion yuan (US$6 billion) in the morning session.
US stocks rebound overnight after Premier Wen Jiabao said that China should adhere to a proactive fiscal policy and a prudent monetary policy, while focusing more on maintaining steady economic growth.
The S&P 500 gained 1.6 percent to 1,315.99, ending a six-day slide. The Dow Jones Industrial Average rose 1.1 percent while the Nasdaq Composite Index added 2.5 percent.
In Shanghai, cement producers surged 2.8 percent on average after the China Securities Journal reported the government will speed up approval of infrastructure construction projects to boost the economy after signs of a slowdown.
Huaxin Cement Co added 3.8 percent to 14.66 yuan. Zhejiang Jianfeng Group Co gained 3.3 percent to 11.80 yuan, while Anhui Conch Cement Co rose 2.4 percent to 16.51 yuan.
Gold stocks lost following a drop of gold futures in New York. Zhongjin Gold Corp shed 0.4 percent to 22.82 yuan, while Zijin Mining Group Co, the nation's largest gold producer, lost 0.2 percent to 4.12 yuan.
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