Shanghai stocks up for second day on stimulus hopes
By Cathy Ding |
July 19, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a second day amid expectations that more stimulus measures will be unveiled to boost the economy.
The benchmark Shanghai Composite Index added 0.37 percent to 2,169.1 points.
The State Council, China's Cabinet, will likely come up with economic policies for the second half of this year, including more fiscal stimulus, this week. Premier Wen Jiabao has emphasized downward pressure of the economy, suggesting more room for policy-easing measures. Market watchers fear the rebound will not last long without improvement in the real economy.
"Currently the stable performance of most heavily-weighted shares is due to technical adjustment and some small-cap shares on the ChiNext board could drop further," Galaxy Securities wrote in a research note yesterday.
Steel makers and heavyweights rose. Fushun Special Steel Co surged the daily limit of 10 percent to 4.57 yuan (72 US cents). China Petroleum and Chemical Corp advanced 0.84 percent to 5.99 yuan.
Property shares were among the losers amid speculation that tightening measures would stay in place after home prices in 25 out of 70 cities tracked by the National Statistics Bureau posted monthly gains in June, the highest number in 11 months.
Gemdale Corp sank 8.86 percent to 6.07 yuan. Poly Real Estate Group fell 4.85 percent to 11.78 yuan.
The benchmark Shanghai Composite Index added 0.37 percent to 2,169.1 points.
The State Council, China's Cabinet, will likely come up with economic policies for the second half of this year, including more fiscal stimulus, this week. Premier Wen Jiabao has emphasized downward pressure of the economy, suggesting more room for policy-easing measures. Market watchers fear the rebound will not last long without improvement in the real economy.
"Currently the stable performance of most heavily-weighted shares is due to technical adjustment and some small-cap shares on the ChiNext board could drop further," Galaxy Securities wrote in a research note yesterday.
Steel makers and heavyweights rose. Fushun Special Steel Co surged the daily limit of 10 percent to 4.57 yuan (72 US cents). China Petroleum and Chemical Corp advanced 0.84 percent to 5.99 yuan.
Property shares were among the losers amid speculation that tightening measures would stay in place after home prices in 25 out of 70 cities tracked by the National Statistics Bureau posted monthly gains in June, the highest number in 11 months.
Gemdale Corp sank 8.86 percent to 6.07 yuan. Poly Real Estate Group fell 4.85 percent to 11.78 yuan.
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