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Shanghai stocks gain 0.23 percent this week
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SHANGHAI stocks gained 0.23 percent this week, ending a five-week decline as bolstered by better investment sentiment following the government's decision to boost liquidity and the nation's newly-found energy source.
The Shanghai Composite Index ended at 3,090.63 points to mark a weekly rally, following a rebound of 0.02 percent on Friday.
The market posted recoveries after Premier Li Keqiang and the central bank said the government will help ensure financial liquidity to boost investment activity, which eased market concerns over tighter financial regulations during the past several weeks, said China International Capital Corp.
Meanwhile, energy companies led the growth today as the nation found "combustible ice," which could start an energy revolution worldwide, said Zhao Huan, chief strategic analyst at Fortune Securities.
The oil and gas sector gained 4.86 percent to lead the market growth today, with Offshore Engineering Co and Sinopec Oilfield Service Corp both jumping by the daily limit of 10 percent to 3.72 yuan (US$) and 38.94 yuan respectively.
Apart from the breaking news, investors would be long-term bullish in the nation's economic plans, as suggested by the continuous gains in the "Xiongan concept stocks" that are expected to benefit from China's ambition to build a new economic and innovation center, Zhao added.
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