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Stocks inch up on government vow to shore up economy
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SHANGHAI stocks inched up today 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 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,” Xinhua news agency said, 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,” Xinhua reported.
“The statement indicates the government will put economic growth above risk prevention in the second half of the year. It helps to eliminate policy uncertainty that has weighted on market sentiment,” CITIC Securities said in note today.
Homebuilders gained as the government during the politburo meeting said that it will promote the steady development of the housing market, without mentioning a need to control the sector.
“This signals a more tolerant policy stance compared with comments from the last meeting, when the government reiterated it would strengthen curbs on the property market,” said Zhou Wei, analyst with Founder Securities.
Poly Real Estate, China’s second-largest developer, jumped 3.2 percent to 10.19 yuan (US$1.7). Gemdale Corporation 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 environmental protection industry will reach 4.5 trillion yuan by 2015, averaging an annual increase of 15 percent.
Beijing Capital Co, a company specializing 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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