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Stocks rise ahead of key political conferences
By Lu Nengneng |
March 2, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose in the morning trade as blue chips strengthened ahead of China's annual political conferences starting from tomorrow.
The Shanghai Composite Index gained 0.93 percent to 2,448.66 points. Turnover stood at 44.9 billion yuan (US$ 7.1 billion).
The market is expecting new favorable policies to sustain China's economic growth from the Chinese People's Political Consultative Conference and the National People's Congress that will kick off on tomorrow and Monday respectively.
Zhang Wei, fund manager at Guotai Asset Management Co said the infrastructure and consumer sectors may post strong stock performances during the conferences, as policymakers put their heads together to seek ways to boost languid domestic consumption and investment.
Resource-related stocks advanced, led by coal miners and nonferrous metal producers. China Shenhua Energy, the nation's biggest producer of coal, jumped 1.42 percent to 27.89 yuan. Yanzhou Coal Mining added 1.76 percent to 26 yuan. Sichuan Western Resources 2.37 percent to 17.72 yuan.
The Shanghai Composite Index gained 0.93 percent to 2,448.66 points. Turnover stood at 44.9 billion yuan (US$ 7.1 billion).
The market is expecting new favorable policies to sustain China's economic growth from the Chinese People's Political Consultative Conference and the National People's Congress that will kick off on tomorrow and Monday respectively.
Zhang Wei, fund manager at Guotai Asset Management Co said the infrastructure and consumer sectors may post strong stock performances during the conferences, as policymakers put their heads together to seek ways to boost languid domestic consumption and investment.
Resource-related stocks advanced, led by coal miners and nonferrous metal producers. China Shenhua Energy, the nation's biggest producer of coal, jumped 1.42 percent to 27.89 yuan. Yanzhou Coal Mining added 1.76 percent to 26 yuan. Sichuan Western Resources 2.37 percent to 17.72 yuan.
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