Stocks edge up to cap monthly gain
Print Edition
Shanghai stocks inched up yesterday after China vowed to shore up the economy while pushing forward restructuring.
The key Shanghai Composite Index rose for a second day, adding 0.19 percent to close at 1,993.80 points. The index ended the month with a 0.74 percent gain after slumping 14 percent in June.
“China’s economy will maintain its steady growth in the second half of the year despite extremely complicated internal and external conditions,” the central government said on its website, citing a statement made after a Communist Party politburo meeting presided over by President Xi Jinping.
“The central government will coordinate efforts to stabilize growth, restructure the economy and deepen reforms while maintaining a proactive fiscal policy and a prudent monetary policy,” the statement said.
“The statement indicates that the government will put economic growth above risk prevention in the second half of the year. It helps to eliminate policy uncertainty that has weighed on market sentiment,” CITIC Securities said in note yesterday.
Homebuilders gained as the government said during the politburo meeting that it will promote the steady development of the housing market, without mentioning any need to control the sector.
“This signals a more tolerant policy stance compared with comments from the last meeting when the government reiterated (its pledge) to strengthen curbs on the property market,” said Zhou Wei, Founder Securities analyst.
“A relaxing policy environment plus robust earnings will help property shares to recover valuations that have plunged to the bottom.”
Poly Real Estate, the second-largest developer, jumped 3.2 percent to 10.19 yuan (US$1.7). Gemdale Corp increased 3.7 percent to 6.78 yuan.
Environment-related firms advanced after Xie Zhenhua, vice chairman of the National Development and Reform Commission, said the total output of China’s environment protection industry will reach 4.5 trillion yuan by 2015, averaging an annual increase of 15 percent.
Beijing Capital Co, which specializes in sewage treatment, rose 2.5 percent to 7.01 yuan. Tianjin Capital Environmental Protection Group Co added 2.7 percent to 8.26 yuan.
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