Shares in Shanghai climb for a fifth day
By Lydia Chen |
June 28, 2011, Tuesday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday extended gains for a fifth day, the longest winning streak since February, after Premier Wen Jiabao said China can keep this year's inflation within 5 percent, fueling hope that the country's tightening measures are nearing an end.
The Shanghai Composite Index was up 0.4 percent to 2,758.23 points.
Wen, who's on an official visit to Europe, said in comments broadcast yesterday by Hong Kong's Cable TV that China will be able to cap full-year inflation within 5 percent. The country's previous target was 4 percent and it hit 5.5 percent in May, the fastest pace since July 2008.
"I see difficulties in reaching the full-year inflation target of 4 percent," Wen said. "But it still can be kept below 5 percent after the efforts we have made."
China has been raising interest rates almost once in every two months since the increase circle started last October. Ship makers were the biggest gainers yesterday with a jump 4.5 percent for the sector amid media reports that China may have "an internal test" of its first aircraft carrier on Friday.
Jiangnan Heavy Industry rose by the daily cap of 10 percent to 29.99 yuan.
Airliners were among stocks that rallied.
Hainan Airlines climbed 1.1 percent to 7.20 yuan. Hafei Aviation Industry Co rose 5.5 percent to 27.60 yuan.
The Shanghai Composite Index was up 0.4 percent to 2,758.23 points.
Wen, who's on an official visit to Europe, said in comments broadcast yesterday by Hong Kong's Cable TV that China will be able to cap full-year inflation within 5 percent. The country's previous target was 4 percent and it hit 5.5 percent in May, the fastest pace since July 2008.
"I see difficulties in reaching the full-year inflation target of 4 percent," Wen said. "But it still can be kept below 5 percent after the efforts we have made."
China has been raising interest rates almost once in every two months since the increase circle started last October. Ship makers were the biggest gainers yesterday with a jump 4.5 percent for the sector amid media reports that China may have "an internal test" of its first aircraft carrier on Friday.
Jiangnan Heavy Industry rose by the daily cap of 10 percent to 29.99 yuan.
Airliners were among stocks that rallied.
Hainan Airlines climbed 1.1 percent to 7.20 yuan. Hafei Aviation Industry Co rose 5.5 percent to 27.60 yuan.
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