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Stocks rally on renewed optimism for 2012
By Lu Nengneng |
December 29, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stocks rallied today as renewed optimism over next year's economic situation cheered up investors after seven straight weeks of losses.
The benchmark Shanghai Composite Index took a level-off position after a 0.33 percent increase by noon break, closing 0.16 percent up at 2,173.56 points. Turnover stood at 40 billion yuan (US$6.34 billion).
Market turbulence has sent the key gauge down about 22 percent this year as the grim reality of China's economic slowdown sank in along with sluggish investments. Concerns over next year's economic outlook were eased after the government announced further structural tax reductions to boost domestic demand next year.
Railway infrastructure-related stocks paced the advance after the government yesterday released the official investigation report on the July 23 bullet train crash and gave positive signals for continued development of high-speed railways in China.
Taiyuan Heavy Industries jumped 7.98 percent to 5.68 yuan. Railway machinery manufacturer Baotou Beifang Chuangye rose 4.68 percent to 16.54 yuan. CSR Corp, the country's biggest train maker, added 0.93 percent to 4.32 yuan.
Banks were buoyed up by the speculation that the central bank will trim down their reserve requirement ratio early next year to provide more liquidity, as China Securities Journal predicted today.
CITIC Bank was up 0.25 percent to 3.98 yuan. Industrial and Commercial Bank of China increased 0.24 percent to 4.2 yuan, but China Construction Bank lost 0.22 percent to 4.51 yuan.
Brokers were weak as investors avoided taking a long position due to unclear market trend next year. China Merchants Securities dropped 1.09 percent to 9.95 yuan. Industrial Securites fell 0.86 percent to 9.22 yuan.
The benchmark Shanghai Composite Index took a level-off position after a 0.33 percent increase by noon break, closing 0.16 percent up at 2,173.56 points. Turnover stood at 40 billion yuan (US$6.34 billion).
Market turbulence has sent the key gauge down about 22 percent this year as the grim reality of China's economic slowdown sank in along with sluggish investments. Concerns over next year's economic outlook were eased after the government announced further structural tax reductions to boost domestic demand next year.
Railway infrastructure-related stocks paced the advance after the government yesterday released the official investigation report on the July 23 bullet train crash and gave positive signals for continued development of high-speed railways in China.
Taiyuan Heavy Industries jumped 7.98 percent to 5.68 yuan. Railway machinery manufacturer Baotou Beifang Chuangye rose 4.68 percent to 16.54 yuan. CSR Corp, the country's biggest train maker, added 0.93 percent to 4.32 yuan.
Banks were buoyed up by the speculation that the central bank will trim down their reserve requirement ratio early next year to provide more liquidity, as China Securities Journal predicted today.
CITIC Bank was up 0.25 percent to 3.98 yuan. Industrial and Commercial Bank of China increased 0.24 percent to 4.2 yuan, but China Construction Bank lost 0.22 percent to 4.51 yuan.
Brokers were weak as investors avoided taking a long position due to unclear market trend next year. China Merchants Securities dropped 1.09 percent to 9.95 yuan. Industrial Securites fell 0.86 percent to 9.22 yuan.
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