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Stocks rise 0.86% on call for more private investment
By Lu Nengneng |
March 13, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rose today after calls for more private investments lifted financial and resource heavyweights, while strengthened policies to guarantee loans for qualified first-home buyers stabilized property blue chips.
The Shanghai Composite Index jumped 0.86 percent to close at 2,455.8 points. Turnover stood at 103 billion yuan (US$ 16.3 billion).
The Chinese People's Political Consultative Conference, which concluded this morning, encouraged more private investors to bolster up China's real economy.
The country is searching for a more self-sustaining way to maintain economic growth as its export-driven model has faltered in the face of external economic turmoil, which saw its trade deficit hit a 10-year high of US$ 31.48 billion in February.
Following the calls, banks and resource producers paced the advance as investors looked forward to more financial and industrial activities. Bank of Communications gained 1.03 percent to 4.91 yuan. China Construction Bank added 0.64 percent to 4.78 yuan. Yanzhou Coal Mining increased 0.82 percent to 25.92 yuan. Jiangxi Copper rose 0.82 percent to 26.96 yuan.
Property developers also gained after China Securities Journal reported today that seven ministries have agreed to continue to ensure qualified first-home buyers can find mortgages this year, and at the same time curb housing market inflation.
China Vanke, the country's biggest developer, rose 2.04 percent to 8.52 yuan. Poly Real Estate jumped 0.98 percent to 11.34 yuan.
The Shanghai Composite Index jumped 0.86 percent to close at 2,455.8 points. Turnover stood at 103 billion yuan (US$ 16.3 billion).
The Chinese People's Political Consultative Conference, which concluded this morning, encouraged more private investors to bolster up China's real economy.
The country is searching for a more self-sustaining way to maintain economic growth as its export-driven model has faltered in the face of external economic turmoil, which saw its trade deficit hit a 10-year high of US$ 31.48 billion in February.
Following the calls, banks and resource producers paced the advance as investors looked forward to more financial and industrial activities. Bank of Communications gained 1.03 percent to 4.91 yuan. China Construction Bank added 0.64 percent to 4.78 yuan. Yanzhou Coal Mining increased 0.82 percent to 25.92 yuan. Jiangxi Copper rose 0.82 percent to 26.96 yuan.
Property developers also gained after China Securities Journal reported today that seven ministries have agreed to continue to ensure qualified first-home buyers can find mortgages this year, and at the same time curb housing market inflation.
China Vanke, the country's biggest developer, rose 2.04 percent to 8.52 yuan. Poly Real Estate jumped 0.98 percent to 11.34 yuan.
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