HONG Kong shares surged 2.33 per cent on Tuesday after China's premier said the country's economic growth must not slip below the "bottom line" of seven per cent.
The benchmark Hang Seng Index added 498.92 points to end at 21,915.42 on turnover of HK$66.44 billion ($A9.32 billion).
Chinese Premier Li Keqiang was quoted in state media as saying at a meeting earlier this month that economic growth must stay above the "bottom line" of seven per cent.
He said the target was necessary to ensure China's goal of doubling gross domestic product between 2010 and 2020, state-backed Beijing News reported on Tuesday.
The comments lifted spirits as they indicated Beijing would introduce some form of economy-boosting measures should growth fall too much, as it tries to avoid a so-called hard landing.
Following publication of the remarks Chinese companies had a particularly good day.
The Hang Seng China Enterprises Index, which tracks Chinese companies listed on the Hong Kong stock exchange, closed up 3.9 per cent at 9,780.16, near a six-week high.
Shares in mainland banks, which suffered losses at the beginning of the week when the People's Bank of China said it would remove a government-mandated floor on lending rates, surged Tuesday.
ICBC rose 4.9 per cent to HK$5.10 and China Construction Bank surged 4.8 per cent to HK$5.70
Chinese telecom equipment supplier ZTE also jumped 20 per cent to HK$13.94 after the company late Monday said it posted a core profit in the second quarter, its first in a year.
On the mainland, meanwhile, shares closed up 1.95 per cent. The benchmark Shanghai Composite Index rose 39.12 points to 2,043.88 on turnover of 92.7 billion yuan ($A16.41 billion).
"(Li's) remarks helped stabilise the pessimistic expectations in the market," Sinolink Securities analyst Tao Jinggang told AFP.
"There are also expectations for stimulus policies in railway construction," he said.
Railway and infrastructure shares led the gains after reports that China may speed up railway investment.
Locomotive maker CSR Corp surged 8.12 per cent to 3.86 yuan while China Railway Construction jumped 7.21 per cent to 4.76 yuan.
Improved global prices saw Henan Yuguang Gold & Lead approach its 10 per cent daily limit to end at 10.69 yuan while Zijin Mining rose 2.43 per cent to 2.53 yuan.
And rare earth firms rose on reports authorities are considering a nationwide crackdown on illegal mining.
Baotou Steel Rare-Earth advanced 8.09 per cent to 24.71 yuan and Xiamen Tungsten was up 4.99 per cent at 29.03 yuan.
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