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Stocks soar on economic recovery hopes

(China Daily)
Updated: 2009-07-02 08:04

The mainland stocks rose, driving the benchmark index above 3,000 points for the first time in a year, as an expansion in the nation's manufacturing for a fourth month indicated the world's third-largest economy is recovering.

"Expectations the economy will recover will push stock prices higher," said Wang Peng, Shanghai-based chief investment officer at First Trust Fund Management Co, which oversees about $2.1 billion. "We expect listed companies to post earnings gains in the third or fourth quarter."

The Shanghai Composite Index rose 48.79, or 1.7 percent, to 3008.15, its highest close since June 11, 2008. The index gained 63 percent in the first half of 2009, the world's second-best performer.

The index still trades at less than half its peak of 6092.06 on October 2007.

Shares on the gauge trade at 25.6 times earnings, the most expensive since March 2008, weekly data compiled by Bloomberg show.

The CSI 300 Index added 2.3 percent to 3237.90.

Angang Steel Co, the country's second-biggest steelmaker by market value, jumped 8 percent to 14.25 yuan, the most since June 1. Baoshan Iron & Steel Co, China's biggest steelmaker, climbed 4.4 percent to 7.35 yuan.

Guangxi Liugong Machinery Co, a Chinese maker of construction equipment, added 3.1 percent to 17.16 yuan.

Bank of China Ltd, the third-biggest lender, added 3.1 percent to 4.63 yuan.

China's recovery will be stronger by the beginning of next year as trade and investment in housing improve, central bank advisor Fan Gang said at a forum in Beijing yesterday. Export growth will return to "normal levels" by the end of this year or the start of 2010, he said.

Poly Real Estate, China's second-largest developer by market value, added 3.8 percent to 28.96 yuan, after Caijing Magazine reported land was sold in Beijing at the highest price this year. China Vanke Co, the No 1, climbed 3.5 percent to 13.19 yuan.

A Sinochem Corp unit bought land at auction for 4.06 billion yuan, Caijing. The Beijing-based magazine cited Soho Chairman Pan Shiyi as saying the price of the land was "very high".

A measure of 24 property stocks on the Shanghai Composite jumped 5.3 percent to its highest close since March 2008. It was best performer among the five industry groups yesterday.

Bloomberg News