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Shares surge to highest in four months
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SHANGHAI shares rose to the highest in four months yesterday, as hopes for economic reform offset investor fears of a liquidity freeze from a new wave of initial public offerings this week.
The Shanghai Composite Index gained 0.26 percent to close at 3,651.77 points, erasing a loss of as much as 0.7 percent in the morning session and touching the highest since August 20.
Inner Mongolia Yili Industrial Group Co, the country’s biggest dairy producer, rose for a second day after surging to a five-month high on Monday. Its shares added 3.44 percent to 18.34 yuan (US$2.83).
Copper and cement companies like Jiangxi Copper Co and Anhui Conch Cement Co rose 1.42 percent and 2.75 percent respectively to lead material producers after the central government indicated at the conclusion of the Central Economic Work Conference meeting on Monday that it would unveil measures to boost the housing market.
The central government will also unveil a “flexible” monetary policy, a more “forceful” fiscal policy and “appropriate monetary conditions for structural reforms.” The government said the fiscal deficit ratio should be raised gradually.
Investors were earlier spooked by a new wave of IPOs that will lock up about 1.7 trillion yuan.
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