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Shares rise on eased worry about tightening
By Lydia Chen |
June 27, 2011, Monday
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Online Edition
Online Edition
SHARES in Shanghai extended gains for a fifth day today, riding on a rally among most sectors after Premier Wen Jiabao said China's money and credit supplies have returned to normal levels, fueling hopes the country's tightening measures was nearing an end.
The Shanghai Composite Index was up 0.44 percent to 2,758.23. Turnover climbed to 116.17 billion yuan (US$17.96 billion).
Wen, who's paying an official visit to Britain, wrote in an editorial in Financial Times last Thursday that China is confident to control runaway inflation while maintain a fast growth of the world's second biggest economy.
He also said in comments broadcast today by Hong Kong's Cable TV that China is 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."
Ship makers were the biggest gainers today with a jump 4.50 percent for the sector as media reports said China may have "an internal test" of its first aircraft carrier on July 1, the 90 anniversary of the Communist Party of China, according a report by People's Daily.
Jiangnan Heavy Industry hiked the daily cap of 10 percent to 29.99 yuan.
Airliners were among the rallied after China pledged to remove import tariffs on diesel and jet fuel starting from July 1 to boost supplies, the Ministry of Finance said.
Hainan Airlines climbed 1.12 percent to 7.20 yuan. Hafei Aviation Industry Co rose 5.46 percent to 27.60 yuan.
The Shanghai Composite Index was up 0.44 percent to 2,758.23. Turnover climbed to 116.17 billion yuan (US$17.96 billion).
Wen, who's paying an official visit to Britain, wrote in an editorial in Financial Times last Thursday that China is confident to control runaway inflation while maintain a fast growth of the world's second biggest economy.
He also said in comments broadcast today by Hong Kong's Cable TV that China is 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."
Ship makers were the biggest gainers today with a jump 4.50 percent for the sector as media reports said China may have "an internal test" of its first aircraft carrier on July 1, the 90 anniversary of the Communist Party of China, according a report by People's Daily.
Jiangnan Heavy Industry hiked the daily cap of 10 percent to 29.99 yuan.
Airliners were among the rallied after China pledged to remove import tariffs on diesel and jet fuel starting from July 1 to boost supplies, the Ministry of Finance said.
Hainan Airlines climbed 1.12 percent to 7.20 yuan. Hafei Aviation Industry Co rose 5.46 percent to 27.60 yuan.
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