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Stocks end a three-day decline
By Feng Jianmin |
September 15, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday, ending a three-day decline, after Premier Wen Jiabao pledged confidence in China and in Europe's economy.
The Shanghai Composite Index rose 0.6 percent to 2,484.83 points, halting a three-day, 1.8 percent decline.
The index has slumped 12 percent this year, extending last year's 14 percent plunge, as the government took steps to cool inflation that's at an almost three-year high. The gauge is valued at 11.5 times estimated profit, the lowest on record, according to weekly data compiled by Bloomberg News dating back to January 2006.
Wen told a World Economic Forum meeting in Dalian yesterday that China will maintain its "active and prudent" fiscal and monetary policies to curb inflation while forging ahead with structural reforms and boosting domestic consumption to sustain long-term economic growth.
He said China is confident Europe can solve its problems and China will increase investment there.
Du Liang, an analyst with Shanxi Securities, said: "Investors' confidence was lifted by Wen's remarks but the thin turnover showed caution is still heavy in the market. Growth is not likely to last long and will fluctuate at the current level."
China Coal Energy, the country's second-largest coal producer, led a rally in the sector, gaining 1.9 percent to 9.64 yuan (US$1.51). The company said sales in August rose 18 percent from a year earlier.
China Shenhua Energy, the nation's largest, rose 0.6 percent to 25.64 yuan.
Cai Hongyu, an analyst with China International Capital Corp, said coal prices are likely to be supported by increasing demand from power firms and steel makers.
The Shanghai Composite Index rose 0.6 percent to 2,484.83 points, halting a three-day, 1.8 percent decline.
The index has slumped 12 percent this year, extending last year's 14 percent plunge, as the government took steps to cool inflation that's at an almost three-year high. The gauge is valued at 11.5 times estimated profit, the lowest on record, according to weekly data compiled by Bloomberg News dating back to January 2006.
Wen told a World Economic Forum meeting in Dalian yesterday that China will maintain its "active and prudent" fiscal and monetary policies to curb inflation while forging ahead with structural reforms and boosting domestic consumption to sustain long-term economic growth.
He said China is confident Europe can solve its problems and China will increase investment there.
Du Liang, an analyst with Shanxi Securities, said: "Investors' confidence was lifted by Wen's remarks but the thin turnover showed caution is still heavy in the market. Growth is not likely to last long and will fluctuate at the current level."
China Coal Energy, the country's second-largest coal producer, led a rally in the sector, gaining 1.9 percent to 9.64 yuan (US$1.51). The company said sales in August rose 18 percent from a year earlier.
China Shenhua Energy, the nation's largest, rose 0.6 percent to 25.64 yuan.
Cai Hongyu, an analyst with China International Capital Corp, said coal prices are likely to be supported by increasing demand from power firms and steel makers.
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