Xi's comment is just the tonic for index
By Hu Xiaocen |
May 17, 2013, Friday
|
Print Edition
Print Edition
SHANGHAI stocks rose by the most in two weeks yesterday after Chinese President Xi Jinping said the country's economy is "good."
The Shanghai Composite Index jumped 1.21 percent to 2,251.81 points, led by financial counters and property developers.
"President Xi said that China's economic situation was generally 'good,'" Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, said in a note.
Kowalczyk said that the government "will not introduce any major stimulus" because it is fairly comfortable with China's slower pace of economic growth.
Haitong Securities Co surged 3.7 percent to 11.03 yuan (US$1.79). New China Life Insurance Co soared 4.4 percent to 24.39 yuan. The world's biggest lender, the Industrial and Commercial Bank of China, added 0.7 percent to 4.09 yuan.
Poly Real Estate Group, China's second-biggest listed developer, added 4.3 percent to 12.07 yuan. Shanghai Xinmei Real Estate Co rose 4.1 percent to 5.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co gained 2.3 percent to 11.97 yuan.
The Shanghai Composite Index jumped 1.21 percent to 2,251.81 points, led by financial counters and property developers.
"President Xi said that China's economic situation was generally 'good,'" Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong, said in a note.
Kowalczyk said that the government "will not introduce any major stimulus" because it is fairly comfortable with China's slower pace of economic growth.
Haitong Securities Co surged 3.7 percent to 11.03 yuan (US$1.79). New China Life Insurance Co soared 4.4 percent to 24.39 yuan. The world's biggest lender, the Industrial and Commercial Bank of China, added 0.7 percent to 4.09 yuan.
Poly Real Estate Group, China's second-biggest listed developer, added 4.3 percent to 12.07 yuan. Shanghai Xinmei Real Estate Co rose 4.1 percent to 5.58 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co gained 2.3 percent to 11.97 yuan.
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