Shares rise to extend 2nd week of gains
Print Edition
SHANGHAI shares rose yesterday and extended a second week of gains as investors were relieved at the completion of initial public offerings and hopeful of possible government measures ahead of the New Year.
The Shanghai Composite Index added 0.43 percent to 3,627.91 points at close. The gauge rose 1.37 percent for the week after a 4.2 percent gain last week.
Real estate developer Gemdale Corp jumped 12.99 percent for the week after the government said it will encourage rural residents to buy homes to trim inventories.
With an economy set to grow at the slowest pace in two decades, policy-makers signaled at the central economic meeting on Monday that they will increase fiscal spending and roll out measures to stimulate the housing market.
The government may unveil policies to lift foreign trade by early February, including an export tax rebate, the Economic Information Daily said, without citing anyone.
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