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Shanghai stocks up 0.51% in morning trading
By Ye Zhen |
December 17, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning after the government pledged to deepen reform and pursue a stable economic growth at a two-day Central Economic Work Conference that ended yesterday.
The key Shanghai Composite Index rose 0.51 percent to 2,161.55 points. Turnover stood at 70.8 billion yuan (US$11.2 billion) by midday.
The government said it will maintain a proactive fiscal policy and a prudent monetary policy stance next year to sustain economic growth and stimulate domestic demand.
Coal producers led the gainers after the media reported that fund managers may increase their stake in coal companies. Shenhua Energy Co, the nation's biggest coal producer, rose 1.9 percent to 23.72 yuan. Shanxi Lanhua Sci-Tech Venture Co advanced 4.4 percent to 12.37 yuan. Yang Quan Coal Industry (Group) Co jumped 8.2 percent to 13.99 yuan.
China's State Administration of Foreign Exchange scrapped the US$1 billion ceiling on investment by overseas sovereign wealth funds, central banks and monetary authorities in an effort to channel more funds into the country's capital markets.
Brokerages gained on the news. CITIC Securities, China's biggest listed brokerage, increased 2.6 percent to 11.83 yuan. Founder Securities Co added 1.7 percent to 4.17 yuan. Haitong Securities Co rose 1.6 percent to 9.43 yuan.
The key Shanghai Composite Index rose 0.51 percent to 2,161.55 points. Turnover stood at 70.8 billion yuan (US$11.2 billion) by midday.
The government said it will maintain a proactive fiscal policy and a prudent monetary policy stance next year to sustain economic growth and stimulate domestic demand.
Coal producers led the gainers after the media reported that fund managers may increase their stake in coal companies. Shenhua Energy Co, the nation's biggest coal producer, rose 1.9 percent to 23.72 yuan. Shanxi Lanhua Sci-Tech Venture Co advanced 4.4 percent to 12.37 yuan. Yang Quan Coal Industry (Group) Co jumped 8.2 percent to 13.99 yuan.
China's State Administration of Foreign Exchange scrapped the US$1 billion ceiling on investment by overseas sovereign wealth funds, central banks and monetary authorities in an effort to channel more funds into the country's capital markets.
Brokerages gained on the news. CITIC Securities, China's biggest listed brokerage, increased 2.6 percent to 11.83 yuan. Founder Securities Co added 1.7 percent to 4.17 yuan. Haitong Securities Co rose 1.6 percent to 9.43 yuan.
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