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Stocks rise on fresh stimulus

By Hu Yuanyuan (China Daily)
Updated: 2008-12-05 07:52

Chinese stocks rose to a 3-week high after the government unveiled a new round of financial stimulus moves to boost the economy.

The benchmark Shanghai Composite Index edged up 1.84 percent, or 36.09 points, to close at 2001.5 yesterday. And the turnover on the bourse ballooned to 125.7 billion yuan from Wednesday's 90.7 billion yuan, reaching the highest point since May 9.

The smaller Shenzhen Component Index also jumped 1.28 percent, or 89.86 points, to finish at 7130.9.

"I will still take it as a rebound rather than a V-shape reverse, thanks to the government's intensive launch of heart-stirring news," said Dong Chen, a senior analyst at CITIC China Securities. "

In a statement late on Wednesday, the State Council listed nine areas in which interest rates, liquidity policy and the exchange rate would be used to prop up the economy. And an extra credit volume of 100 billion yuan will be provided to three policy banks this year.

Meanwhile, Central Huijin, an arm of the country's sovereign wealth fund, has raised its holdings of China Construction Bank (CCB), Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) by purchasing shares at the Shanghai Stock Exchange.

Statistics show that from Sept 23 to Nov 28, Central Huijin has poured 763 million yuan into ICBC, 177 million yuan into BOC and 277 million yuan into CCB.

That has helped to stabilize the market through those large caps.

In yesterday's rebound, financial stocks were one of the best performers.

Ping An Insurance advanced 7.52 percent to 25.75 yuan, China Life Insurance was up 5.4 percent at 19.92 yuan, while ICBC rose 2.33 percent and CCB gained 3.06 percent.

"Sentiment is quite positive on government policies and that's luring money back into equities," said Dong.

"But the real situation of China's economy, which fundamentally determines the ups and downs of the stock market, is not so clear yet."

Dong said that the worst is not over yet, depending on how quickly the recovery of the global economy, particularly that of the US, will come.