Stocks ascend on stimulus hopes
By Hu Xiaocen |
August 2, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday rose by the most in three weeks, amid renewed investor hopes that the government will introduce more stimulus measures to fuel stable economic growth and boost manufacturing activities.
The Shanghai Composite Index gained for the first time in three days by 0.94 percent to close at 2,123.36 points.
"The Purchasing Managers' Index edged down in July from the previous month, which indicates that China's economy is gradually stabilizing to some extent," ANZ China said in a note. "The country's economic performance is expected to pick up in the second half-year, and to rebound significantly in the fourth quarter."
China's official PMI fell to 50.1 in July from June's 50.2, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
President Hu Jintao has pledged to strengthen fiscal and monetary policies to bolster the real economy, and to step up efforts to expand domestic demand.
"The index may rebound after the constant slump. The extent of the rebound depends on policy factors," Guotai Junan Securities said in a note. "The next rebound will be driven by stimulating policies."
Material and metal producers led the rise. Anhui Conch Cement Co, the nation's biggest cement producer, surged 3.4 percent to 14.94 yuan (US$2.35). Inner Mongolia Baotou Steel Rare-earth Hi-tech Co soared 4.8 percent to 37.24 yuan. Jiangxi Copper Co, China's biggest producer of the metal, jumped 1.7 percent to 20.38 yuan.
The Shanghai Composite Index gained for the first time in three days by 0.94 percent to close at 2,123.36 points.
"The Purchasing Managers' Index edged down in July from the previous month, which indicates that China's economy is gradually stabilizing to some extent," ANZ China said in a note. "The country's economic performance is expected to pick up in the second half-year, and to rebound significantly in the fourth quarter."
China's official PMI fell to 50.1 in July from June's 50.2, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
President Hu Jintao has pledged to strengthen fiscal and monetary policies to bolster the real economy, and to step up efforts to expand domestic demand.
"The index may rebound after the constant slump. The extent of the rebound depends on policy factors," Guotai Junan Securities said in a note. "The next rebound will be driven by stimulating policies."
Material and metal producers led the rise. Anhui Conch Cement Co, the nation's biggest cement producer, surged 3.4 percent to 14.94 yuan (US$2.35). Inner Mongolia Baotou Steel Rare-earth Hi-tech Co soared 4.8 percent to 37.24 yuan. Jiangxi Copper Co, China's biggest producer of the metal, jumped 1.7 percent to 20.38 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
