| | | 2008-10-14 | | | SHARES in Shanghai jumped more than 3 percent yesterday after new favorable economic policies were approved
The benchmark Shanghai Composite Index advanced 3.65 percent, or 73 points, to 2,073.57 points. Turnover reached 41.9 billion yuan (US$6.12 billion).
Gainers outnumbered losers 691 to 157 while 58 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic exchange, added 1.86 percent to 541.32 points. Turnover was 15.7 billion yuan.
The index fell to 1,920 points in the morning session as a result of turmoil in the surrounding markets but rebounded in the afternoon led by the banking sector and heavyweights.
On Sunday during the four-day plenum for the Central Committee of the Communist Party of China held in Beijing, China's top legislators approved a plan to double the income of the country's farmers in 12 years. The committee said basic economic growth remained stable. In the communique released during the plenum, the growth forecast for this year was put at 9 percent, down from 11.9 percent last year.
"The decision to invest more funds in rural development by the Central Committee of CPC is important since agricultural development serves as a major growing force of the economy," said a research report by Orient Securities Co.
Both Bank of Communications and Shanghai Pudong Development Bank Co Ltd surged the daily cap of 10 percent.
Bank of China added 6.75 percent to close at 3.32 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, hiked 7.50 percent to 4.30 yuan.
PetroChina, the biggest index component, dipped 0.49 percent to 12.10 yuan.
Real estate developers were also among the gainers. Poly Real Estate Group added 6.31 percent to 14.32 yuan. China Vanke Co, the country's biggest listed real estate company, surged 7.78 percent to close at 6.37 yuan on the Shenzhen market |
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