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Stocks rise after Wen pledges steady economic growth
By Hu Xiaocen |
April 25, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose after Premier Wen Jiabao pledged to maintain steady economic growth and the Ministry of Industry said industrial output will rise in the second quarter.
The Shanghai Composite Index gained 0.75 percent, or 17.98 points to 2,406.81 points, with a turnover of 113.1 billion yuan (US$17.9 billion) at the trading close.
"China has confidence it will sustain steady and robust economic growth," Wen said yesterday at a press conference in Stockholm with Swedish Prime Minister Fredrik Reinfeldt. "China will remain committed to reform and opening up."
The growth rate of industrial production will be slightly higher in the second quarter than in the previous three months, Zhu Hongren, chief engineer of the ministry said at a conference in Beijing today.
"The ministry is working on a series of measures to expand domestic demand," Zhu said. "We shall not underestimate the difficulties encountered by the enterprises that are facing continuously slumping external demand amid the economic downturn."
Property developers led the climb with an average jump of 3.5 percent. Poly Real Estate Group Co, the nation's second-largest developer, gained 2.5 percent to 12.31 yuan. Shanghai New Huang Pu Real Estate Co, jumped 5.2 percent to 11.03 yuan. Shanghai Xinmei Real Estate Co, soared by the daily limit of 10 percent to 8.37 yuan at the trading close.
China Merchants Securities said in a report today that developers are reducing inventory levels quickly according to rising sales figures. Therefore the brokerage recommends buying their shares on improving prospects in the property market.
However, Cheng Yimin, an analyst at China Post Securities, disagreed with the report and said, "Vanke, the biggest developer in the country has maintained its land bank close to zero, indicating a falling number of new housing projects in the future."
Chang Qing, a market commentator, cautioned investors about a possible downturn.
"The rebound in the property sector has pulled up the index today, but it's still in a correction. Investors should strictly control their current positions, unless the daily turnover exceeds 100 billion yuan for three consecutive days," Chang said on the widely watched First Financial TV program today.
The Shanghai Composite Index gained 0.75 percent, or 17.98 points to 2,406.81 points, with a turnover of 113.1 billion yuan (US$17.9 billion) at the trading close.
"China has confidence it will sustain steady and robust economic growth," Wen said yesterday at a press conference in Stockholm with Swedish Prime Minister Fredrik Reinfeldt. "China will remain committed to reform and opening up."
The growth rate of industrial production will be slightly higher in the second quarter than in the previous three months, Zhu Hongren, chief engineer of the ministry said at a conference in Beijing today.
"The ministry is working on a series of measures to expand domestic demand," Zhu said. "We shall not underestimate the difficulties encountered by the enterprises that are facing continuously slumping external demand amid the economic downturn."
Property developers led the climb with an average jump of 3.5 percent. Poly Real Estate Group Co, the nation's second-largest developer, gained 2.5 percent to 12.31 yuan. Shanghai New Huang Pu Real Estate Co, jumped 5.2 percent to 11.03 yuan. Shanghai Xinmei Real Estate Co, soared by the daily limit of 10 percent to 8.37 yuan at the trading close.
China Merchants Securities said in a report today that developers are reducing inventory levels quickly according to rising sales figures. Therefore the brokerage recommends buying their shares on improving prospects in the property market.
However, Cheng Yimin, an analyst at China Post Securities, disagreed with the report and said, "Vanke, the biggest developer in the country has maintained its land bank close to zero, indicating a falling number of new housing projects in the future."
Chang Qing, a market commentator, cautioned investors about a possible downturn.
"The rebound in the property sector has pulled up the index today, but it's still in a correction. Investors should strictly control their current positions, unless the daily turnover exceeds 100 billion yuan for three consecutive days," Chang said on the widely watched First Financial TV program today.
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