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Shares rise nearly 0.5% as optimism among investors builds
By Ye Zhen |
January 21, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today to the highest in more than seven months on rising sentiment as the country's economy showed signs of recovery while the government pushed for stock market reform.
The benchmark Shanghai Composite Index added 0.48 percent to 2,328.22 points. Turnover surged to 113 billion yuan (US$18.2 billion) today.
"A pick-up in economic growth in the fourth quarter indicates that China's economy has moved from the phase of adjustment into a new growth cycle, which added new impetus to the market," Shenyin & Wanguo Securities said in a report.
Meanwhile, domestic stock markets were also boosted by such reform measures as tightened auditing of initial public offering applications and efforts to attract more foreign investment, the broker said.
J.P. Morgan Chase & Co raised its forecast for China's economic growth from 8 percent to 8.2 percent this year, projecting infrastructure investment, the housing market and manufacturing sector are likely to continue to rebound in 2013. But it added retail sales growth may moderate in the next few months.
Officials from the China Securities Regulatory Commission will visit Taiwan later this month to discuss opening cross-strait securities markets, Reuters reported today, citing unnamed sources.
Coal producers gained the most. Shanxi Lanhua Sci-Tech Venture Co climbed 2.1 percent to 22.71 yuan. Yangquan Coal Industry (Group) Co jumped 6.9 percent to 15.28 yuan. Shanxi Lu'an Energy Development Co added 2 percent to 23.10 yuan.
The benchmark Shanghai Composite Index added 0.48 percent to 2,328.22 points. Turnover surged to 113 billion yuan (US$18.2 billion) today.
"A pick-up in economic growth in the fourth quarter indicates that China's economy has moved from the phase of adjustment into a new growth cycle, which added new impetus to the market," Shenyin & Wanguo Securities said in a report.
Meanwhile, domestic stock markets were also boosted by such reform measures as tightened auditing of initial public offering applications and efforts to attract more foreign investment, the broker said.
J.P. Morgan Chase & Co raised its forecast for China's economic growth from 8 percent to 8.2 percent this year, projecting infrastructure investment, the housing market and manufacturing sector are likely to continue to rebound in 2013. But it added retail sales growth may moderate in the next few months.
Officials from the China Securities Regulatory Commission will visit Taiwan later this month to discuss opening cross-strait securities markets, Reuters reported today, citing unnamed sources.
Coal producers gained the most. Shanxi Lanhua Sci-Tech Venture Co climbed 2.1 percent to 22.71 yuan. Yangquan Coal Industry (Group) Co jumped 6.9 percent to 15.28 yuan. Shanxi Lu'an Energy Development Co added 2 percent to 23.10 yuan.
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