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Stocks up on positive signs at Beijing conference
By Hu Xiaocen |
January 9, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai Composite Index buoyed up on Premier Wen Jiabao's call for investor confidence in China's stock markets and a better-than-expected credit supply in December.
The key index jumped 1.44 percent, or 31.17 points, to 2,194.57 points in the morning session with a turnover of 33 billion yuan (US$5.2 billion).
During last Friday's national financial work conference in Beijing, Wen called for a reform of the practice of initial public offerings and better policies for distribution, delisting and dividend payout. He also pledged strengthened market supervision to boost investor confidence, said the Shanghai Securities News.
"Looking ahead, China's capital market will enter a golden age of development," said the China Securities Journal after the conference closed on Saturday.
The People's Bank of China posted 640.5 billion yuan (US$101 billion) in new loans in December, the highest amount since April. The increase boosted speculation that the government will further ease monetary control to revive the cooling economy.
Brokers jumped 2.75 percent, outperforming the index, while banks added 1.41 percent before the noon break.
The key index jumped 1.44 percent, or 31.17 points, to 2,194.57 points in the morning session with a turnover of 33 billion yuan (US$5.2 billion).
During last Friday's national financial work conference in Beijing, Wen called for a reform of the practice of initial public offerings and better policies for distribution, delisting and dividend payout. He also pledged strengthened market supervision to boost investor confidence, said the Shanghai Securities News.
"Looking ahead, China's capital market will enter a golden age of development," said the China Securities Journal after the conference closed on Saturday.
The People's Bank of China posted 640.5 billion yuan (US$101 billion) in new loans in December, the highest amount since April. The increase boosted speculation that the government will further ease monetary control to revive the cooling economy.
Brokers jumped 2.75 percent, outperforming the index, while banks added 1.41 percent before the noon break.
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