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Shanghai stocks rally on minister's upbeat remark
By Ye Zhen |
November 29, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks traded slightly higher this morning after tumbling to a 46-month low yesterday. The market rallied on a senior official's remark that the country is confident of meeting its economic target for 2012.
The key Shanghai Composite Index added 0.1 percent, or 2.02 points, to 1,975.54 points. Turnover was 13.4 billion yuan (US$2.2 billion) by midday.
It is quite certain that China will meet its 7.5 percent economic growth target set for this year because as the government policies for stabilizing economy and accelerating transformation have taken effect, Minister of Commerce Chen Deming told the Caijing Annual Conference in Beijing yesterday.
Market sentiment was also helped by the central bank's cash injection of 79 billion yuan into the nation's financial system today through reverse repurchase agreements.
Property developers gained. China Vanke, the nation's biggest developer, rose 0.8 percent to 8.41 yuan. Poly Real Estate, the second largest developer, increased 1 percent to 11.12 yuan. Gemdale Corporation added 0.6 percent to 5.06 yuan.
Brokerages advanced after China's inter-bank association approved 10 securities companies to enter the country's inter-bank market. CITIC Securities, China's biggest listed brokerage, inched up 0.7 percent to 10.32 yuan. Industrial Securities Co increased 2.4 percent to 10.35 yuan. Everbright Securities Co added 1.6 percent to 11.02 yuan.
The key Shanghai Composite Index added 0.1 percent, or 2.02 points, to 1,975.54 points. Turnover was 13.4 billion yuan (US$2.2 billion) by midday.
It is quite certain that China will meet its 7.5 percent economic growth target set for this year because as the government policies for stabilizing economy and accelerating transformation have taken effect, Minister of Commerce Chen Deming told the Caijing Annual Conference in Beijing yesterday.
Market sentiment was also helped by the central bank's cash injection of 79 billion yuan into the nation's financial system today through reverse repurchase agreements.
Property developers gained. China Vanke, the nation's biggest developer, rose 0.8 percent to 8.41 yuan. Poly Real Estate, the second largest developer, increased 1 percent to 11.12 yuan. Gemdale Corporation added 0.6 percent to 5.06 yuan.
Brokerages advanced after China's inter-bank association approved 10 securities companies to enter the country's inter-bank market. CITIC Securities, China's biggest listed brokerage, inched up 0.7 percent to 10.32 yuan. Industrial Securities Co increased 2.4 percent to 10.35 yuan. Everbright Securities Co added 1.6 percent to 11.02 yuan.
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