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Stocks rise as economy begins to stabilize
By Hu Xiaocen |
December 19, 2012, Wednesday
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Print Edition
Print Edition
SHANGHAI stocks gained for the third consecutive day as investors believe the economy is stabilizing and that further stock market reforms will be launched by the regulator.
The Shanghai Composite Index edged up 0.1 percent to 2,162.46 points yesterday, the highest close in more than 18 weeks.
"It is certain the domestic economy is recovering and stabilizing, while the valuation of A-shares remain at a historically low level," Shanghai Securities Co said in a market outlook report for this week. "These two factors are the main drivers of the rebounding market. Meanwhile, the regulator has said it has a plan to solve the issue of poor market liquidity due to new share debuts. This has lifted market sentiment."
Economic data was relatively strong in November and matched market expectations.
The economy will expand by 8 percent in the fourth quarter and 7.8 percent for the whole year, ANZ Bank said in a report yesterday.
Stocks in the financial sector rose on improved economic conditions.
The Industrial and Commercial Bank of China, the nation's biggest lender, gained 0.7 percent to 4.12 yuan (66 US cents). China Merchants Securities Co jumped 1.5 percent to 9.96 yuan. Anxin Trust and Investment Co surged the daily limit of 10 percent to 14.01 yuan.
Cement producers climbed yesterday 1.1 percent on average as investors think demand will rise for the construction material.
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