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Stocks rise as investors anticipate further stimulus
By Ye Zhen |
May 29, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning on the central government's policy stimulus to counter the downside risk in the world's second largest economy.
The benchmark Shanghai Composite Index gained 0.86 percent, or 20.23 points to 2381.60. Turnover stood at 59.4 billion yuan (US$9.4 billion) in the morning session.
A flurry of policy stimulus has been introduced as the central government vowed to focus more on economic growth last week, spurring speculation that Beijing will further strengthen efforts to combat the economic slowdown.
Credit Suisse Group AG estimated the Chinese government's stimulus could be 1 trillion yuan to 2 trillion yuan. That compares with the 4-trillion-yuan stimulus in response to the global financial crisis in 2008.
Construction related stocks extended gains for a second day as the government is accelerating approval of major projects. Tengda Construction Group Co surged 7.7 percent to 3.48 yuan. China Railway Erju Co gained 7.2 percent to 8.65 yuan.
Consumer electronics manufacturers remained strong on government subsidies to spur demand. Hisense Electric Co jumped 6.4 percent to 18.97 yuan. Qingdao Haier Co added 3 percent to 12.24 yuan.
Lenders were mixed in morning trading. Agricultural Bank of China edged down 0.4 percent to 2.67 yuan, while Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.2 percent to 4.19 yuan.
The benchmark Shanghai Composite Index gained 0.86 percent, or 20.23 points to 2381.60. Turnover stood at 59.4 billion yuan (US$9.4 billion) in the morning session.
A flurry of policy stimulus has been introduced as the central government vowed to focus more on economic growth last week, spurring speculation that Beijing will further strengthen efforts to combat the economic slowdown.
Credit Suisse Group AG estimated the Chinese government's stimulus could be 1 trillion yuan to 2 trillion yuan. That compares with the 4-trillion-yuan stimulus in response to the global financial crisis in 2008.
Construction related stocks extended gains for a second day as the government is accelerating approval of major projects. Tengda Construction Group Co surged 7.7 percent to 3.48 yuan. China Railway Erju Co gained 7.2 percent to 8.65 yuan.
Consumer electronics manufacturers remained strong on government subsidies to spur demand. Hisense Electric Co jumped 6.4 percent to 18.97 yuan. Qingdao Haier Co added 3 percent to 12.24 yuan.
Lenders were mixed in morning trading. Agricultural Bank of China edged down 0.4 percent to 2.67 yuan, while Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.2 percent to 4.19 yuan.
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