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Shares climb by the most in over 5 weeks
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SHANGHAI stocks yesterday gained the most in more than five weeks after data released over the weekend signaled that the economy may be stabilizing.
The Shanghai Composite Index rose 2.5 percent to 3,520 points, the biggest daily rally since November 4.
The surprisingly better November data released on Saturday lifted investor confidence because the figures seemed to suggest that the central government’s monetary and fiscal stimulus may have contained the economic slowdown.
“Industrial production was surprising on the upside, infrastructure investment finally rebounded strongly and consumption as reflected by retail sales was still resilient,” Wang Tao, chief China economist at UBS Group, said in an e-mailed note yesterday.
Wang, however, cautioned the economy was still some way from witnessing a fundamentals-driven rebound.
Liu Kaizhong, analyst with Changjiang Securities, said the rebound yesterday indicated investor confidence has recovered to some extent.
Shares of metal producers and coal miners led the market up.
Shandong Gold Mining Co jumped by the daily limit of 10 percent while Jiangxi Copper Co climbed 6.4 percent. Anyuan Coal Industry Group Co leapt 5.8 percent.
Eleven of China’s 23 listed securities companies surged by the daily limit of 10 percent yesterday as the country’s newly introduced registration-based stock listing would boost prospects of the brokerage industry.
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