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Stocks jump most in 3 weeks ahead of political conferences
By Lu Nengneng |
March 2, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped the most in three weeks after the upcoming annual political conferences and the expectation of more lending to property developers lifted up the heavyweights.
The Shanghai Composite Index gained 1.43 percent to 2,460.69 points, bringing the weekly advance to 0.86 percent and capping a seven-week winning streak, which is the longest since July 2009. Turnover stood at 96.5 billion yuan (US$ 15.3 billion).
The market snapped out of two days of losses on expectation that the Chinese People's Political Consultative Conference and the National People's Congress, which will start tomorrow and next Monday respectively, may introduce more favorable policies to keep China's economy on the upward track, especially through boosting investment and consumption.
The resource sector rose. Anhui Conch Cement added 2.53 percent to 18.23 yuan. China Shenhua Energy, the nation's biggest producer of coal, jumped 1.13 percent to 27.81 yuan. Sinopec, Asia's largest refiner, increased 1.06 percent to 7.65 yuan.
Property developers led the advance after Financial News, a paper run by China's central bank, reported today that the country's big four state-backed banks will lend more to qualified real estate developers to boost the supply of common commercial housing.
China Vanke, the nation's biggest developer, surged 3.98 percent to 8.63 yuan. Gemdale Group soared 6.95 percent to 6.31 yuan.
The Shanghai Composite Index gained 1.43 percent to 2,460.69 points, bringing the weekly advance to 0.86 percent and capping a seven-week winning streak, which is the longest since July 2009. Turnover stood at 96.5 billion yuan (US$ 15.3 billion).
The market snapped out of two days of losses on expectation that the Chinese People's Political Consultative Conference and the National People's Congress, which will start tomorrow and next Monday respectively, may introduce more favorable policies to keep China's economy on the upward track, especially through boosting investment and consumption.
The resource sector rose. Anhui Conch Cement added 2.53 percent to 18.23 yuan. China Shenhua Energy, the nation's biggest producer of coal, jumped 1.13 percent to 27.81 yuan. Sinopec, Asia's largest refiner, increased 1.06 percent to 7.65 yuan.
Property developers led the advance after Financial News, a paper run by China's central bank, reported today that the country's big four state-backed banks will lend more to qualified real estate developers to boost the supply of common commercial housing.
China Vanke, the nation's biggest developer, surged 3.98 percent to 8.63 yuan. Gemdale Group soared 6.95 percent to 6.31 yuan.
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