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Consumer plays lead index up 1.3%
By Hu Xiaocen |
March 16, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks extended its earlier rebound, as consumer companies rallied on hope they will benefit from government measures to boost domestic demand.
The Shanghai Composite Index jumped 1.3 percent, or 30.96 points, to 2,404.74, registering a weekly loss of 1.4 percent, the biggest loss since January. Turnover stood at 102.4 billion yuan (US$16.1 billion).
"Expanding domestic demand, particularly consumer demand is essential to ensuring China's long-term, steady and robust economic development. It is the focus of economic work in 2012. The government will support more paid vacations, expanded consumer credit and greater buying options to help people spend more, "said Premier Wen Jiabao earlier.
Wen trimmed down China's economic growth to 7.5 percent this year, which was a good sign for the stock market to Hou Ning, an independent financial commentator, who is very popular among the small investors.
"To save the stock market is to save the economy. Market sentiment reflects investor confidence in the economy. A cut in growth targets shows government's determination in economic transition, which strengthens investors' confidence in the future. An active capital market provides a financing platform for China's transformation," said Hou today.
Suning Appliance Co, China's biggest home appliance retailer, soared 6.61 percent to 11.28 yuan. Kweichow Moutai Co, China's premium liquor producer, rallied 4.35 percent to 207.59 yuan. Bright Dairy and Food Co, China's third-largest dairy producer, jumped 8.11 percent to 9.87 yuan.
Oil refiners rallied on expectations of rising refined oil prices. The National Development and Reform Commission called for an urgent meeting with the two biggest oil companies today for a price adjustment proposal, China Securities Daily reported. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, added 1.32 percent to 7.66 yuan. PetroChina Co, the second biggest player gained 0.68 percent to 10.3 yuan.
The Shanghai Composite Index jumped 1.3 percent, or 30.96 points, to 2,404.74, registering a weekly loss of 1.4 percent, the biggest loss since January. Turnover stood at 102.4 billion yuan (US$16.1 billion).
"Expanding domestic demand, particularly consumer demand is essential to ensuring China's long-term, steady and robust economic development. It is the focus of economic work in 2012. The government will support more paid vacations, expanded consumer credit and greater buying options to help people spend more, "said Premier Wen Jiabao earlier.
Wen trimmed down China's economic growth to 7.5 percent this year, which was a good sign for the stock market to Hou Ning, an independent financial commentator, who is very popular among the small investors.
"To save the stock market is to save the economy. Market sentiment reflects investor confidence in the economy. A cut in growth targets shows government's determination in economic transition, which strengthens investors' confidence in the future. An active capital market provides a financing platform for China's transformation," said Hou today.
Suning Appliance Co, China's biggest home appliance retailer, soared 6.61 percent to 11.28 yuan. Kweichow Moutai Co, China's premium liquor producer, rallied 4.35 percent to 207.59 yuan. Bright Dairy and Food Co, China's third-largest dairy producer, jumped 8.11 percent to 9.87 yuan.
Oil refiners rallied on expectations of rising refined oil prices. The National Development and Reform Commission called for an urgent meeting with the two biggest oil companies today for a price adjustment proposal, China Securities Daily reported. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, added 1.32 percent to 7.66 yuan. PetroChina Co, the second biggest player gained 0.68 percent to 10.3 yuan.
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