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Stocks climb at midday as investors optimistic about Q3
By Ye Zhen |
June 13, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning amid optimism the nation's economy may start to regain momentum in the third quarter.
The benchmark Shanghai Composite Index added 0.79 percent, or 18.12 points to 2,307.91 points. Turnover stood at 35.3 billion yuan (US$5.6 billion) in the morning session.
"China's economy may hit bottom this quarter and start to recover in the third quarter," said Li Jing, general manager and chairman of the Chinese securities department of JP Morgan Chase. Li expects one more interest rate cut of 25 basis points and one or two cuts in the reserve requirement ratio in the second half of this year.
Electricity producers led this morning's gains as the National Energy Administration estimated that the maximum daily power consumption during this summer's peak may reach 1.55 to 1.60 billion kwh, increasing 3 to 6 percent from a year earlier.
Huaneng Power International Inc surged 6.8 percent to 6.32 yuan. GD Power Development Co rose 3.1 percent to 2.64 yuan. Huadian Power International Co added 4 percent to 3.70 yuan.
Brokerages also gained. Citic Securities, the biggest listed brokerage, gained 1.5 percent to 13.49 yuan. Founder Securities Co rose 3.6 percent to 5.43 yuan. Soochow Securities Co soared 5.3 percent to 9.69 yuan.
Most coal producers slumped as coal prices declined due to the increasing inventory reserve. Shanxi Lanhua Sci-Tech Venture Co lost 1 percent to 20.14 yuan. Yang Quan Coal Industry (Group) Co shed 0.3 percent to 17.14 yuan. Shanxi Lu'an Environmental Energy Development Co fell 1 percent to 24.43 yuan. China Shenhua Energy Co added 0.1 percent to 23.61 yuan.
The benchmark Shanghai Composite Index added 0.79 percent, or 18.12 points to 2,307.91 points. Turnover stood at 35.3 billion yuan (US$5.6 billion) in the morning session.
"China's economy may hit bottom this quarter and start to recover in the third quarter," said Li Jing, general manager and chairman of the Chinese securities department of JP Morgan Chase. Li expects one more interest rate cut of 25 basis points and one or two cuts in the reserve requirement ratio in the second half of this year.
Electricity producers led this morning's gains as the National Energy Administration estimated that the maximum daily power consumption during this summer's peak may reach 1.55 to 1.60 billion kwh, increasing 3 to 6 percent from a year earlier.
Huaneng Power International Inc surged 6.8 percent to 6.32 yuan. GD Power Development Co rose 3.1 percent to 2.64 yuan. Huadian Power International Co added 4 percent to 3.70 yuan.
Brokerages also gained. Citic Securities, the biggest listed brokerage, gained 1.5 percent to 13.49 yuan. Founder Securities Co rose 3.6 percent to 5.43 yuan. Soochow Securities Co soared 5.3 percent to 9.69 yuan.
Most coal producers slumped as coal prices declined due to the increasing inventory reserve. Shanxi Lanhua Sci-Tech Venture Co lost 1 percent to 20.14 yuan. Yang Quan Coal Industry (Group) Co shed 0.3 percent to 17.14 yuan. Shanxi Lu'an Environmental Energy Development Co fell 1 percent to 24.43 yuan. China Shenhua Energy Co added 0.1 percent to 23.61 yuan.
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