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Shares rise on rosy policy outlook
By Feng Jianmin |
December 12, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose today led by heavy-weights on positive policy and economic outlook.
The benchmark Shanghai Composite Index added 0.39 percent to 2,082.73 points.
The index has risen 6.3 percent from this year's low of 1,949 points on December 3 after a series of economic indicators pointed to stronger manufacturing expansion, domestic consumption and stable corporate financing.
The market received a boost after Xi Jinping, leader of the Communist Party of China, on Tuesday vowed "no stop in reform and no stop in opening up" when pursuing China's modernization.
"Hopes for further urbanization and environment protection have driven up related shares and helped improve outlook for the economy," said Wu Jianzhong, an analyst with Hongyuan Securities.
But he warned that weak transaction indicates that investors are still cautious and the index will remain bumpy at the current level.
Banks were strong. Industrial and Commercial Bank of China rose 1.3 percent to 4 yuan. Bank of Nanjing added 1.6 percent to 8.50 yuan.
Kweichow Moutai Co climbed 4.72 percent to 211.86 yuan, the most in three months, after the company said its controlling shareholder boosted its stake.
The benchmark Shanghai Composite Index added 0.39 percent to 2,082.73 points.
The index has risen 6.3 percent from this year's low of 1,949 points on December 3 after a series of economic indicators pointed to stronger manufacturing expansion, domestic consumption and stable corporate financing.
The market received a boost after Xi Jinping, leader of the Communist Party of China, on Tuesday vowed "no stop in reform and no stop in opening up" when pursuing China's modernization.
"Hopes for further urbanization and environment protection have driven up related shares and helped improve outlook for the economy," said Wu Jianzhong, an analyst with Hongyuan Securities.
But he warned that weak transaction indicates that investors are still cautious and the index will remain bumpy at the current level.
Banks were strong. Industrial and Commercial Bank of China rose 1.3 percent to 4 yuan. Bank of Nanjing added 1.6 percent to 8.50 yuan.
Kweichow Moutai Co climbed 4.72 percent to 211.86 yuan, the most in three months, after the company said its controlling shareholder boosted its stake.
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