Shares rise on earnings, stimulus hopes
Print Edition
SHANGHAI shares yesterday posted their best gains since March 30 amid upbeat corporate earnings outlook and investors’ hopes that the central government will unveil more measures to prop up the stock market.
The Shanghai Composite Index rose 1.85 percent to 2,992.64 points, with consumer shares propelling the gauge.
Liquor makers led gains. Anhui Kouzi Distillery Co surged by the 10 percent daily limit to 35.04 yuan (US$5.40), as did Sichuan Tuopai Shede Wine Co to 21.67 yuan.
The index rose for the first time in four trading days after it posted a weekly loss of 0.71 percent before the May Day holiday, as better-than-expected earnings reports partly lifted market sentiment.
Including some struggling state-owned enterprises, 666 companies listed in the Chinese mainland had forecast they would post a rise in earnings or become profitable during the first half, the China Securities Journal reported yesterday.
Shares also climbed on speculation that more measures would be taken to boost equities after the central government called for a “healthy development” of the stock market to protect the interests of investors.
Investors took this signal to suggest that “further measures will be unveiled to support the equities market,” said Yang Delong, chief manager at First Seafront Fund Management Co.
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