Shares rise on hopes for more stimulus
Print Edition
SHANGHAI shares rose yesterday for a third straight day as investors chased blue chips on speculation that the central government would unveil more stimulus measures ahead of a key economic works meeting in mid-December.
The Shanghai Composite Index gained 2.33 percent to close at 3,536.91 points. The gauge posted the biggest one-day gain in a month.
Qiao Yongyuan, chief strategist at Guotai Junan Securities Co, said investors were hoping more economic measures would emerge from the Central Economic Work Conference, an annual meeting held by the government to set the national economic agenda.
“Developers, financial firms and industrial companies will be the main targets in the next round of investment in the market, instead of small-capitalized shares,” Qiao said.
All 14 lenders listed in Shanghai rose for a second day with China CITIC Bank, the country’s seventh-largest commercial lender by assets, jumping by the 10 percent daily limit to 7.83 yuan (US$1.22). Meanwhile, all 14 listed brokerages surged more than 5 percent by the close, with GF Securities Co leading the gain.
Poly Real Estate Group Co soared by the 10 percent daily limit again yesterday, extending a three-day rise to 26 percent, as President Xi Jinping spoke earlier about reducing inventories of houses. There was also rising speculation that China would encourage home purchases by unveiling tax incentives.
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