Thursday, December 27, 2012

China stocks rose government will introduce new policies 2013

Stock Market today - China stocks rose government will introduce new policies 2013 : China’s stocks rose, driving the benchmark index toward a fourth week of gains. Consumer companies and brokerages climbed. Haitong Securities Co. (600109) led an advance for brokerages after the regulator said it will ease bond financing for securities firms. Chengdu GoldTel Electronical Technology Co. jumped 6.6 percent after the government said it will increase investment in the nation’s satellite positioning system.

The government will introduce policies next year to boost the information industry, the Shanghai Securities News reported. China may also enact measures to boost consumption focusing on household electronics, vehicles and solar, the China Securities Journal reported.

“We’ll see more policies aimed at boosting consumption next year and that’ll help China’s economy sustain its growth,” said Wu Kan, a Shanghai-based fund manager at Dazhong Insurance Co., which oversees $285 million. “With the economy stabilizing, the uptrend for stocks is quite firm.”

The Shanghai Composite Index (SHCOMP) rose 0.2 percent to 2,210.04 as of 9:53 a.m. local time, adding to a weekly gain of 2.6 percent. The CSI 300 Index (SHSZ300) climbed 0.2 percent to 2,449.49. The Hang Seng China Enterprises Index (HSCEI) advanced 0.3 percent. The Bloomberg China-US 55 Index (CH55BN) retreated 0.1 percent yesterday

The Shanghai measure has risen 13 percent since this year’s closing low of 1,959.77 on Dec. 3 as the nation’s new leaders said they would promote urban development as part of economic reforms.

Trading volumes in the index were 34 percent above the 30- day average today, according to data compiled by Bloomberg. The index trades at 10.8 times estimated earnings, the highest level in a year. Its thirty-day volatility was at 20, compared with this year’s average of 17.

The National Bureau of Statistics and China Federation of Logistics and Purchasing are scheduled to release a manufacturing index for this month on Jan. 1. The Purchasing Managers’ Index may climb to 51 from 50.6 a month earlier, according to the median estimate of 24 economists in a Bloomberg News survey. The number of 50 divides expansion and contraction. HSBC Holdings Plc’s PMI index is due Dec. 31.
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