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Wen's comments on inflation control boost shares
By Feng Jianmin |
June 24, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most since February 14 after China's Premier Wen Jiabao said that government is "confident price rises will be firmly under control this year."
The benchmark Shanghai Composite Index rose 2.16 percent to 2,746.21 points. Turnover nearly doubled to 144.3 billion yuan (US$22.3 billion) from yesterday's 83.4 billion yuan.
Premier Wen Jiabao wrote in the Financial Times newspaper that "China has made capping price rises the priority of macro-economic regulation and introduced a host of targeted policies. These have worked."
He added that the overall price level now is within a controllable range and is expected to drop steadily.
China's top leaders will gather early in July to decide the direction for economic policy in the second half of the year.
Analysts expected that monetary policies will slightly ease in the second half of the year after inflation peaks.
Brokerages led the gainers. Northeast Securities jumped by the daily limit of 10 percent to 18.70 yuan. GF Securities climbed 9.1 percent to 38.18 yuan.
Car makers extended previous gains on news that China's National Development and Reform Commission has appealed to the State Council to drop policies that restricted car purchase especially in Beijing, according to National Business Daily.
SAIC Motor rose 2.9 percent to 18.96 yuan. Dongfeng Automobile Co added 2.8 percent to 4.41 yuan.
The benchmark Shanghai Composite Index rose 2.16 percent to 2,746.21 points. Turnover nearly doubled to 144.3 billion yuan (US$22.3 billion) from yesterday's 83.4 billion yuan.
Premier Wen Jiabao wrote in the Financial Times newspaper that "China has made capping price rises the priority of macro-economic regulation and introduced a host of targeted policies. These have worked."
He added that the overall price level now is within a controllable range and is expected to drop steadily.
China's top leaders will gather early in July to decide the direction for economic policy in the second half of the year.
Analysts expected that monetary policies will slightly ease in the second half of the year after inflation peaks.
Brokerages led the gainers. Northeast Securities jumped by the daily limit of 10 percent to 18.70 yuan. GF Securities climbed 9.1 percent to 38.18 yuan.
Car makers extended previous gains on news that China's National Development and Reform Commission has appealed to the State Council to drop policies that restricted car purchase especially in Beijing, according to National Business Daily.
SAIC Motor rose 2.9 percent to 18.96 yuan. Dongfeng Automobile Co added 2.8 percent to 4.41 yuan.
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