Shares rise as ‘two sessions’ get going
Print Edition
SHANGHAI shares extended a rally for a third day by closing higher yesterday as market sentiment was lifted by investors’ hopes that more government measures will be unveiled during the annual national legislative meetings this week.
The Shanghai Composite Index added 0.35 percent to end at 2,859.76 points.
The gauge had risen 3.34 percent this week, posting the biggest three-day gain since November, as investors digested policies that cut banks’ reserve requirement ratio and lowered mortgage down payment.
Gree Real Estate Co surged 9.04 percent to 18.93 yuan (US$2.90), Shanghai Jin Jiang International Hotels Development Co gained 5.66 percent to 37.17 yuan, and Shanghai-based Join Buy Co rose 5.39 percent to 13.30 yuan.
Analysts said investor sentiment has recovered from the bottom ahead of the “two sessions” of the National People’s Congress and the Chinese People’s Political Consultative Conference this week. Further measures are likely to be unveiled as part of the country’s five-year economic plan.
China may target a money growth of 13 percent this year, a Reuters report said.
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