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Shanghai stocks close higher over income reform
By Ye Zhen |
February 6, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today, extending the winning streak into an eighth session, on hopes that the government's guideline on income distribution will boost domestic consumption.
The key Shanghai Composite Index added 0.06 percent to 2,434.48 points, with a daily turnover of 104.6 billion yuan (US$16.9 billion).
The State Council yesterday released a guideline to deepen the reform of China's wealth distribution system to narrow the income gap between urban and rural residents.
"The guideline will benefit the A-share market in the long term," CITIC Securities said in a report today. "The guideline called for improved public services, which would boost investment in projects related to health care, education, old-age care and low-cost housing."
"Demand for consumer durables will also increase with the rising incomes of peasants and migrant workers," the broker said.
Most brokerages advanced on expectation a rebound in stock market will boost their profitability. CITIC Securities, China's biggest listed brokerage, increased 1.4 percent to 15.32 yuan. Haitong Securities Co advanced 3.5 percent to 12.75 yuan. Founder Securities Co added 1.4 percent to 6.45 yuan.
Property developers declined as the government reiterate property tax as a part of the income reform. China Vanke, the nation's biggest developer, lost 1.4 percent to 12.16 yuan. Poly Real Estate, the second biggest, decreased 2.1 percent to 13.14 yuan. Gemdale Corporation dropped 2.6 percent to 7.98 yuan.
The key Shanghai Composite Index added 0.06 percent to 2,434.48 points, with a daily turnover of 104.6 billion yuan (US$16.9 billion).
The State Council yesterday released a guideline to deepen the reform of China's wealth distribution system to narrow the income gap between urban and rural residents.
"The guideline will benefit the A-share market in the long term," CITIC Securities said in a report today. "The guideline called for improved public services, which would boost investment in projects related to health care, education, old-age care and low-cost housing."
"Demand for consumer durables will also increase with the rising incomes of peasants and migrant workers," the broker said.
Most brokerages advanced on expectation a rebound in stock market will boost their profitability. CITIC Securities, China's biggest listed brokerage, increased 1.4 percent to 15.32 yuan. Haitong Securities Co advanced 3.5 percent to 12.75 yuan. Founder Securities Co added 1.4 percent to 6.45 yuan.
Property developers declined as the government reiterate property tax as a part of the income reform. China Vanke, the nation's biggest developer, lost 1.4 percent to 12.16 yuan. Poly Real Estate, the second biggest, decreased 2.1 percent to 13.14 yuan. Gemdale Corporation dropped 2.6 percent to 7.98 yuan.
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