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Stocks finish up amid government assurances
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SHANGHAI shares finished up today, supported by large manufacturers and stocks connected to the free trade zone as top Chinese leaders assured markets of stable economic growth and control over local government debt problems.
The key Shanghai Composite Index added 0.21 percent to 2,127.62 points with a relative modest turnover at 116.4 billion yuan.
“From the global perspective, manufacturing industries benefit from loose monetary policies and fiscal policies that address production to improve the economy and employment,” said Shenyin Wanguo Securities in a research paper today.
“However, strained liquidity in the Q3 may be a drag for manufacturers.”
The paper said economic growth also is shifting from emerging markets to developed ones.
Chinese President Xi Jinping said the GDP growth of 7.6 percent in the first half was the “result of benign adjustments.”
“We indeed face difficulties such as local government debts and the capacity surplus of some industries, but they are controllable and we can handle them well,” said Xi as he prepared for the G20 summit held this year in the Russian city of St Petersburg.
At Shanghai’s bourse, stocks connected to the free trade zone, plane manufacturing and steel gained the most and brokerages suggested investors keep an eye on stocks that would cash in from deepened reforms.
Shanghai Waigaoqiao Free Trade Zone Development Co jumped by the 10 percent daily maximum to 19.77 yuan even after it filed a report at the Shanghai exchange cautioning investors of “unusual fluctuations.”
Both Hangzhou Iron & Steel Co and Fushun Special Steel Co rose 10 percent today, to 3.47 yuan and 6.47 yuan, respectively.
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