InfoAnda - China shares extend gains on stimulus plan

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares extend gains on stimulus plan AP - Saturday, November 15 SHANGHAI, China - Chinese shares advanced Friday on expectations of an economic boost from a government stimulus package, ending the week up nearly 14 percent. The benchmark Shanghai Composite Index rose 3.1 percent, or 58.82 points, to close at 1986.44. The index has risen 13.7 percent, or 239 points, for the week _ the third biggest weekly gain in 12 years. The Shenzhen Composite Index for China's smaller second market rose 4.4 percent to 545.34. The government said Friday that its $586 billion stimulus package, meant to shield China from the global slowdown, would include tax cuts totaling 300 billion yuan ($44 billion). The authorities have also said they will ease lending and investment curbs and plan to add 100 billion yuan ($15 billion) to government spending through the end of the year. "Investors were uncertain about the economy before, but the new government policies are apparently changing attitudes of those pessimists," said Huaxi Securities analyst Mao Sheng. But Mao said it will not be clear whether those policies have changed the country's economic outlook until companies report earnings for the first or second quarters of 2009. Consumer and agricultural related stocks, especially food and beverages, surged on government promises of more spending. Guizhou Maotai Wine Ltd. soared by the daily limit of 10 percent to 98.59 yuan, and Inner Mongolia Yili Industrial Group, a major dairy company, shot up 8.4 percent to 8.14 yuan. Shandong Denghai Seeds Ltd. also rose 10 percent to 14.04 yuan. Beijing Shunxin Agriculture Ltd. gained 6.9 percent to 11.4 yuan and Gansu Dunhuang Seed Ltd. climbed 9.1 percent to 8.14 yuan. Real estate shares rallied after Chinese securities newspapers reported on possible interest rates cut. China Vanke Ltd., the country's biggest developer, gained 4.1 percent to 6.92 yuan, and rival Poly Real Estate Group also rose 4.1 percent, to 16.02 yuan. Haitong Securities Ltd. surged by the daily limit of 10 percent to 14.78 yuan. Citic Securities Ltd., China's biggest listed brokerage, jumped 4.9 percent to 21.05 yuan. On the currency market, China's yuan weakened to 6.8301 to the U.S. dollar, down from Thursday's close of 6.8291. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago HK enters recession for first time in 5 yearsAP - 1 hour 38 minutes ago China says it might work with IMF on global crisisAP - Saturday, November 15 China Shenhua says 2008 total export quota at 24 mln tonnesReuters - Saturday, November 15 Related Articles: Business Reports: RBS to cut 3,000 jobs globallyAP - 1 hour 6 minutes ago Boeing engineers seek strike authorization voteAP - 1 hour 6 minutes ago Natixis sees opportunity in China renewables sectorReuters - 1 hour 19 minutes ago Thailand's Italian Thai turns to big net loss in Q3Reuters - 1 hour 23 minutes ago India cbank loans to govt 52.6 bln rupees wk to Nov 7Reuters - 1 hour 23 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Britney Spears's son hospitalized: statement Earth would be heading to a freeze without CO2 emissions China mulls crackdown on lip-synching Bin Laden is isolated, focused on his own security: CIA View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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