Wen's remark gives hope to shares
By Hu Xiaocen |
May 22, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday after a two-week consecutive loss on hopes China may further ease monetary policies to bolster the economy after Premier Wen Jiabao said more priority will be given to maintaining growth.
The Shanghai Composite Index rose 0.16 percent to 2,348.30 points yesterday.
"A proactive fiscal policy and prudent monetary policy will ensure more frequent policy easing," Guotai Junan Securities said in a report yesterday. "It increases the possibility of a downward adjustment of the reserve requirement ratio in the next half year."
During his trip to Wuhan in Hubei Province over the weekend, Wen said: "We should continue to implement a proactive fiscal policy and a prudent monetary policy, while giving more priority to maintain growth."
Material and energy stocks rose as policy easing will lift demand for their products.
China Shenhua Energy Co, the nation's biggest coal producer, gained 1.4 percent to 26 yuan (US$4.10). Jiangxi Copper Co, biggest producer, jumped 2 percent to 25.61 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co added 2.8 percent to 44.80 yuan. Anhui Conch Cement Co, China's biggest cement producer, edged up 0.2 percent to 16.13 yuan.
China's biggest train makers rallied after the 21st Century Business Herald said the Ministry of Railways has obtained a tentative bank credit line above 2 trillion yuan. China CNR Corp soared 2.9 percent to 4.28 yuan while CSR Corp surged 3.4 percent to 4.83 yuan.
The Shanghai Composite Index rose 0.16 percent to 2,348.30 points yesterday.
"A proactive fiscal policy and prudent monetary policy will ensure more frequent policy easing," Guotai Junan Securities said in a report yesterday. "It increases the possibility of a downward adjustment of the reserve requirement ratio in the next half year."
During his trip to Wuhan in Hubei Province over the weekend, Wen said: "We should continue to implement a proactive fiscal policy and a prudent monetary policy, while giving more priority to maintain growth."
Material and energy stocks rose as policy easing will lift demand for their products.
China Shenhua Energy Co, the nation's biggest coal producer, gained 1.4 percent to 26 yuan (US$4.10). Jiangxi Copper Co, biggest producer, jumped 2 percent to 25.61 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co added 2.8 percent to 44.80 yuan. Anhui Conch Cement Co, China's biggest cement producer, edged up 0.2 percent to 16.13 yuan.
China's biggest train makers rallied after the 21st Century Business Herald said the Ministry of Railways has obtained a tentative bank credit line above 2 trillion yuan. China CNR Corp soared 2.9 percent to 4.28 yuan while CSR Corp surged 3.4 percent to 4.83 yuan.
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