Wen's remark boosts shares
By Ding Yining |
December 29, 2009, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S stock market ended nearly 1.5 percent higher yesterday after Premier Wen Jiabao reiterated that the country would continue with the stimulus plan and maintain the proactive fiscal policy in 2010.
The benchmark Shanghai Composite Index gained 1.51 percent, or 47.43 points, to close at 3,188.78. Turnover was 110.6 billion yuan (US$16.26 billion).
Wen said on Sunday in an interview with Xinhua that withdrawing the stimulus measures too early would negate what the country has achieved in its economic recovery amid the global recession. He also added that the economy still relies on the stimulus measures.
Shanghai Pudong Development Bank jumped 2.06 percent to 20.77 yuan, China Construction Bank rose 0.86 percent to close at 5.87 yuan and the Bank of Communications gained 1.40 percent to 8.44 yuan.
Metal producers also gained. Zijin Mining Co added 1.06 percent to 9.57 yuan. Shandong Gold Mining Co jumped 2.56 percent to 80.83 yuan and Yunnan Copper Co added 1.57 percent to 29.17 yuan.
Brokerages also rose after Yan Bian Highway Construction Co said it is preparing to issue new shares to merge with GF Securities, paving the way for GF's listing in Shenzhen. Haitong Securities jumped 2.2 percent to 18.38 yuan, Everbright Securities gained 4.3 percent to 24.16 yuan and Guoyuan Securities added 3.3 percent to 20.39 yuan.
The benchmark Shanghai Composite Index gained 1.51 percent, or 47.43 points, to close at 3,188.78. Turnover was 110.6 billion yuan (US$16.26 billion).
Wen said on Sunday in an interview with Xinhua that withdrawing the stimulus measures too early would negate what the country has achieved in its economic recovery amid the global recession. He also added that the economy still relies on the stimulus measures.
Shanghai Pudong Development Bank jumped 2.06 percent to 20.77 yuan, China Construction Bank rose 0.86 percent to close at 5.87 yuan and the Bank of Communications gained 1.40 percent to 8.44 yuan.
Metal producers also gained. Zijin Mining Co added 1.06 percent to 9.57 yuan. Shandong Gold Mining Co jumped 2.56 percent to 80.83 yuan and Yunnan Copper Co added 1.57 percent to 29.17 yuan.
Brokerages also rose after Yan Bian Highway Construction Co said it is preparing to issue new shares to merge with GF Securities, paving the way for GF's listing in Shenzhen. Haitong Securities jumped 2.2 percent to 18.38 yuan, Everbright Securities gained 4.3 percent to 24.16 yuan and Guoyuan Securities added 3.3 percent to 20.39 yuan.
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