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Wen's pledge for growth power shares
By Ye Zhen |
May 21, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today after Premier Wen Jiabao said China will give priority to a stable economic growth, fanning speculation that the government may introduce more stimulus measures.
The benchmark Shanghai Composite Index gained 0.16 percent, or 3.78 points, to close at 2,348.30. Turnover stood at 70 billion yuan (US$11.11 billion).
China should adhere to the implementation of a proactive fiscal policy and a prudent monetary policy, while focusing more on maintaining a steady economic growth, Wen said during a weekend trip to Wuhan, the capital of China's Hubei Province.
Wen's pledge indicated that the Chinese government may further ease monetary policies to revive a slowing economy, Citigroup Inc said in a report.
China's central bank cut the reserve requirement for commercial banks by 50 basis points on May 18.
Property developers rallied on speculation of policy easing. China Vanke, the nation's biggest developer, added 1 percent to 8.67 yuan. Gemdale Corporation gained 0.8 percent to 6.41 yuan, while Poly Real Estate Group Co edged down 0.1 percent to 12.72 yuan.
Railway and train builders surged as data showed the Ministry of Railways had secured more than 2 trillion yuan in credit line by the end of last year, indicating that railway construction will gradually increase.
China Railway Erju Co jumped the day ceiling limit of 10 percent to finish at 6.35 yuan. CSR Corporation Limited gained 3.4 percent to 4.83 yuan, while China CNR Corporation Limited rose 2.9 percent to 4.28 yuan.
Brokerages slumped against the rising index. Soochow Securities Co pared 6.4 percent to 9.42 yuan. Sinolink Securities Co lost 4 percent to 14.56 yuan. Citic Securities, the nation's biggest listed brokerage, fell 1 percent to 12.94 yuan.
The benchmark Shanghai Composite Index gained 0.16 percent, or 3.78 points, to close at 2,348.30. Turnover stood at 70 billion yuan (US$11.11 billion).
China should adhere to the implementation of a proactive fiscal policy and a prudent monetary policy, while focusing more on maintaining a steady economic growth, Wen said during a weekend trip to Wuhan, the capital of China's Hubei Province.
Wen's pledge indicated that the Chinese government may further ease monetary policies to revive a slowing economy, Citigroup Inc said in a report.
China's central bank cut the reserve requirement for commercial banks by 50 basis points on May 18.
Property developers rallied on speculation of policy easing. China Vanke, the nation's biggest developer, added 1 percent to 8.67 yuan. Gemdale Corporation gained 0.8 percent to 6.41 yuan, while Poly Real Estate Group Co edged down 0.1 percent to 12.72 yuan.
Railway and train builders surged as data showed the Ministry of Railways had secured more than 2 trillion yuan in credit line by the end of last year, indicating that railway construction will gradually increase.
China Railway Erju Co jumped the day ceiling limit of 10 percent to finish at 6.35 yuan. CSR Corporation Limited gained 3.4 percent to 4.83 yuan, while China CNR Corporation Limited rose 2.9 percent to 4.28 yuan.
Brokerages slumped against the rising index. Soochow Securities Co pared 6.4 percent to 9.42 yuan. Sinolink Securities Co lost 4 percent to 14.56 yuan. Citic Securities, the nation's biggest listed brokerage, fell 1 percent to 12.94 yuan.
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