Shares rise on hopes for more measures
Print Edition
SHANGHAI shares yesterday rose for the fourth straight day, posting the biggest weekly gain this year as investors expected more financial policies during the “two sessions.”
The Shanghai Composite Index gained 0.5 percent to close at 2,874.15 points.
All 13 Shanghai-listed lenders rose, with China Minsheng Bank surging 7.24 percent to 9.33 yuan (US$1.43) and China Merchants Bank adding 5.41 percent to 15.97 yuan.
Energy firms also rose, as PetroChina Co, the most heavily weighed equity in the index, added 3.17 percent to 7.82 yuan, posting its sixth day of gains.
The yuan and China’s monetary policies will remain stable, Yi Gang, vice governor of the People’s Bank of China, said in Beijing yesterday, one day ahead of the release of Premier Li Keqiang’s annual government work report and next year’s economic growth target.
The index tumbled 4.6 percent on Monday on lack of fresh news during the G20 meetings in Shanghai. It rebounded on the Chinese central bank’s cut of reserve requirement ratio for banks and on hopes of more measures to boost the economy during the National People’s Congress meeting which starts today. For the week, the index gained 3.86 percent.
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