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Shares increase 2% on Wen's comments

(China Daily)
Updated: 2009-04-21 08:02

The mainland stocks rose 2.14 percent to an eight-month closing high yesterday, with blue chips strong while airlines and autos outperformed after Chinese leaders' comments at a weekend forum boosted confidence over the economic outlook.

The Shanghai Composite Index ended at 2557.456 points. The index posted a fifth consecutive weekly gain last week. Turnover in Shanghai A shares remained active at 140.1 billion yuan, although this was down from Friday's heavy 157.1 billion yuan.

Analysts said investors were encouraged by comments from the weekend's Boao Forum, where Premier Wen Jiabao said the country's stimulus policies had delivered better results than expected although it would still be best to err on the side of caution in judging the economic situation.

Related readings:  Wall Street sinks as investors dump banks  Hong Kong stocks close 0.96% higher  Chinese shares up 2.14% on confidence booming  China to restart new stock issuance after reform

"The market was not lacking in strong sectors, suggesting sentiment is positive and the index could rise further," said Huatai Securities analyst Chen Jinren.

The index is expected to find technical support at the psychologically important 2500 point mark.

Air China surged 8.64 percent to 7.29 yuan while China Southern Airlines leapt 5.85 percent to 6.33 yuan. Traders said media reports that domestic air fares had been raised encouraged buying.

Shares of major automakers outperformed as the Shanghai Auto Show got under way, lifted in part by domestic media reports that the government may approve further measures this week to support the industry.

SAIC Motor Corp jumped 3.12 percent to 11.24 yuan and Chongqing Chang'an Auto Co rose 3.01 percent to 7.87 yuan.

HK shares up

Hong Kong shares climbed 1 percent to finish at a six-month closing high yesterday.

Some Chinese stocks including banks bulked up on reports that profits at China's State-owned enterprises rose 26 percent in March from a year ago and 86 percent from the previous month.

"This is especially good news for the banks as it means asset quality is improving," said Philip Chan, head of research with CAF Securities, a unit of the Agricultural Bank of China.

Bank of China led the charge on the blue-chip index, jumping 5 percent to HK$2.95 while Bank of Communications added 3.5 percent.

The benchmark Hang Seng Index ended 149.64 points higher at 15750.91. Turnover had slowed to HK$57.1 billion from HK$75.3 billion by Friday.

The China Enterprises Index of top mainland firms was 2 percent higher at 9230.04.

Reuters