Wen's pledge drives up Shanghai stocks
By Feng Jianmin and Pan Xiaoyi |
July 20, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rose more than 2 percent yesterday as Premier Wen Jiabao pledged to boost domestic demand while maintaining stable exports.
The benchmark Shanghai Composite Index went up 2.11 percent, or 51.15 points, to close at 2,475.42. Turnover stood at 79.5 billion yuan (US$11.7 billion).
Premier Wen said during an inspection tour in Xi'an, Shaanxi Province, that a stable macro-economic policy should be maintained to support development of companies.
"The remarks by Premier Wen triggered market speculation that favorable measures are in the pipeline to bolster businesses," said Zhang Gang, an analyst of Southeast Securities Co.
"The upcoming first-half earnings reports will add to investor enthusiasm," Zhang added.
Property developers led the gainers after the minister of Housing and Urban-Rural Development said the central government has handed out 60 billion yuan to build public housing to boost investment. Gemdale Corp edged up 1.7 percent to 6.56 yuan. Poly Real Estate (Group) Co rose 2.9 percent to 11.59 yuan. China Merchants Property Development Co surged 6.2 percent to 18.22 yuan.
Airliners paced the increases on speculation they will benefit from the government's measures to boost consumption. Air China, the country's largest international carrier, soared 7 percent to 11.40 yuan. China Southern Airlines Co climbed 6.8 percent to 6.59 yuan. China Eastern Airlines Corp, the second-largest carrier, added 4.9 percent to 6.92 yuan.
China Shenhua Energy Co rose 3.2 percent to 22.4 yuan following a 12 percent hike in sales in the first half from a year ago while China Coal Energy Co gained 4.2 percent to 8.88 yuan.
China South Locomotive and Rolling Stock Corp rose 1.9 percent to 5.31 yuan.
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