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Stocks jump as 'green shoots' of recovery seen
By Lu Nengneng |
February 2, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed with the biggest gains in two weeks today after better-than-expected manufacturing data and new measures to help private small businesses strengthened investor confidence in China's ability to engineer a soft economic landing.
The benchmark Shanghai Composite Index jumped 1.96 percent to 2,312.56 points, recovering yesterday's lost ground. Turnover expanded to 57.7 billion yuan (US$9.2 billion).
Bullish stock market investors believed that the official Purchasing Managers' Index for January, which rose to 50.5 from December's 50.3, indicated the green shoots of China's economic recovery from the previous slowdown and a newly established 15 billion yuan fund for cash-strapped micro and small enterprises would help them to grow faster.
Financials jumped the most after yesterday's overselling triggered by concerns over tightening liquidity. China Construction Bank was up 2.32 percent to 4.85 yuan. Bank of Communications rose 3.14 percent to 4.93 yuan. China Life Insurance, the nation's biggest insurer, increased 3.98 percent to 19.07 yuan. Ping An Insurance surged 5.96 percent to 39.64 yuan.
Agriculture-related stocks also rose after China's No. 1 policy document issued yesterday called for more technological innovation to sustain growth in the farming sector. Gansu Dunhuang Seed Co advanced 0.93 percent to 17.42 yuan. Yuan Longping High-Tech Agriculture, China's main developer of hybrid rice, rose 0.71 percent to 24.01 yuan.
The benchmark Shanghai Composite Index jumped 1.96 percent to 2,312.56 points, recovering yesterday's lost ground. Turnover expanded to 57.7 billion yuan (US$9.2 billion).
Bullish stock market investors believed that the official Purchasing Managers' Index for January, which rose to 50.5 from December's 50.3, indicated the green shoots of China's economic recovery from the previous slowdown and a newly established 15 billion yuan fund for cash-strapped micro and small enterprises would help them to grow faster.
Financials jumped the most after yesterday's overselling triggered by concerns over tightening liquidity. China Construction Bank was up 2.32 percent to 4.85 yuan. Bank of Communications rose 3.14 percent to 4.93 yuan. China Life Insurance, the nation's biggest insurer, increased 3.98 percent to 19.07 yuan. Ping An Insurance surged 5.96 percent to 39.64 yuan.
Agriculture-related stocks also rose after China's No. 1 policy document issued yesterday called for more technological innovation to sustain growth in the farming sector. Gansu Dunhuang Seed Co advanced 0.93 percent to 17.42 yuan. Yuan Longping High-Tech Agriculture, China's main developer of hybrid rice, rose 0.71 percent to 24.01 yuan.
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