Wen's vow helps key index to close up
By Feng Jianmin |
March 1, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly up yesterday as the construction material and electrical appliance sectors gave the market a boost after Premier Wen Jiabao emphasized the government's commitment to improve people's living standards.
The Shanghai Composite Index rose 0.9 percent to 2,905.05. Turnover expanded to 148 billion yuan (US$22.5 billion) from last Friday's 124 billion yuan.
The gauge added 4.1 percent in February to notch the first monthly gain since last October.
"Market liquidity is improving and pressure on money supply is easing," ABC-CA Fund Management Co wrote in a note. "Firms related to new energy, environment protection, affordable homes, agriculture and transport will benefit from favorable policies."
Wen told internet users in a conversation on Sunday that 36 million units of affordable homes will be built within the next five years. He also pledged to reduce tax for low- and middle-income workers.
Construction material firms led gainers. Changjiang and Jingong Steel Building Group Co rose 6 percent to 19.88 yuan. Anhui Conch Cement Co, China's biggest cement maker, gained 1 percent to 34.61 yuan.
Electrical appliance makers and retailers also rallied. Qingdao Haier Co jumped 6.3 percent to 30.83 yuan. Hisense Electric Co advanced 3.9 percent to 13.98 yuan.
The Shanghai Composite Index rose 0.9 percent to 2,905.05. Turnover expanded to 148 billion yuan (US$22.5 billion) from last Friday's 124 billion yuan.
The gauge added 4.1 percent in February to notch the first monthly gain since last October.
"Market liquidity is improving and pressure on money supply is easing," ABC-CA Fund Management Co wrote in a note. "Firms related to new energy, environment protection, affordable homes, agriculture and transport will benefit from favorable policies."
Wen told internet users in a conversation on Sunday that 36 million units of affordable homes will be built within the next five years. He also pledged to reduce tax for low- and middle-income workers.
Construction material firms led gainers. Changjiang and Jingong Steel Building Group Co rose 6 percent to 19.88 yuan. Anhui Conch Cement Co, China's biggest cement maker, gained 1 percent to 34.61 yuan.
Electrical appliance makers and retailers also rallied. Qingdao Haier Co jumped 6.3 percent to 30.83 yuan. Hisense Electric Co advanced 3.9 percent to 13.98 yuan.
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