Bloomberg
( 21/10 ) – China’s stocks rose the most in a week, led by consumer and
technology companies, after the government called for “unrelenting”
implementation of economic policies including increased domestic
consumption. Shanghai Metersbonwe Fashion & Accessories Co.
jumped 10 percent, leading gains in consumer companies reliant on
economic growth, after Shenyin & Wanguo Securities recommended the
stock. Shanghai Baosight Software Co. paced the rally in technology
shares after signing a contract to provide data-center services to
Alibaba Group Holding Ltd. Yunnan Copper Industry Co. slid 4.6 percent,
the most since June, as rising stockpiles indicated slowing demand for
the metal.The Shanghai Composite Index rose 1.6 percent to 2,229.24
at the close, the biggest gain since Oct. 11. The government will boost
financial support to small businesses, cut overcapacity and look for new
engines to drive consumption, the State Council said in a statement
yesterday. The nation’s leaders will meet in November to map out
policies to reform the economy and sustain long-term growth at about 7
percent. “There are lots of positive expectations about economic
reforms including boosting domestic consumption before next month’s
Communist Party meeting,” said Wei Wei, an analyst at West China
Securities Co. in Shanghai. “The economy is stabilizing and data are
improving, which adds confidence to the market.”
