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![A man rests at a securities exchanging hall in Beijing, capital of China, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close.[Xinhua]](http://images.china.cn/attachement/jpg/site1007/20090318/0011111fa1560b2a899501.jpg "A man rests at a securities exchanging hall in Beijing, capital of China, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close.[Xinhua]")
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A man rests at a securities exchanging hall in Beijing, capital of China, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close.[Xinhua] |
Chinese equities passed 2,200 points, up 3.02 percent, on Tuesday as investors anticipated more economic stimulus measures from the government.
The benchmark Shanghai Composite Index added 3.02 percent, or 65.04 points, to 2,218.33. The Shenzhen Component Index rose 4.58percent, or 367.18 points, to 8,389.87.
Gains outnumbered losses by 834 to 2 in Shanghai and 701 to 6 in Shenzhen.
Combined turnover was 170 billion yuan (US$24.89 billion), well up from 93 billion yuan the previous trading day.
Market confidence was spurred by media reports that the central government was planning more stimulus measures covering employment and incomes, international trade, interest and exchange rates as well as industrial production, in addition to the 4 trillion yuan package issued in November.
"There is still room for further stimulus plans," said Lu Zhengwei, chief economist with Industrial Bank, citing Premier WenJiabao's words during the Second Session of the 11th National People's Congress that the government was prepared for bigger challenges.
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![Chinese stock investors watch a stock indicator at a securities exchanging hall in east China's Shanghai Municipality, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close. [Xinhua]](http://images.china.cn/attachement/jpg/site1007/20090318/0011111fa1560b2a89a902.jpg "Chinese stock investors watch a stock indicator at a securities exchanging hall in east China's Shanghai Municipality, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close. [Xinhua]")
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Chinese stock investors watch a stock indicator at a securities exchanging hall in east China's Shanghai Municipality, on March 17, 2009. China's benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 2,218.33 points Tuesday, up 65.04 points, or 3.02 percent, from the previous close. [Xinhua] |
Chinese shares were also lifted by more than 3 percent gains in neighbouring markets. Japan's Nikkei 225 Stock Index climbed 3.18 percent, while Korean equities rose 3.41 percent. Australian shares were up 3.1 percent.
Real estate shares rose across the board on market expectations the People's Bank of China, the central bank, was to lower the deposit reserve ratio for the fourth time since the second half last year.
More than 10 property stocks rose by the 10 percent daily limit. Shanghai-based Winsan Industrial Corporation Ltd. added 10.13 percent to hit 4.13 yuan. Shenzhen Zhenye Group stock was up10.05 percent.
The steel sector also saw rises, encouraged by the China Securities Regulatory Commission's approval for futures transactions of two types of steel products on Shanghai Stock Exchange.
Financial shares, including those of banks and brokers, continued to climb for the second day. Northeast Securities rose 8.05 percent to 21.62 yuan, while Changjiang Securities was up 5.33 percent to 13.04 yuan. Shares of the Bank of Nanjing closed at 12.67 yuan, up 4.8 percent.
(Xinhua News Agency March 17, 2009)
