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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
