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Stocks end up 4% on fresh stimulus hopes

(Agencies)
Updated: 2008-12-04 07:50

Shanghai stocks rose sharply Wednesday, led by financials and producers of coal and base metals, on hopes that a meeting of top economic policy makers would come up with fresh stimulus steps for the economy.

The Shanghai Composite Index closed 4.01 percent higher at 1965.414 points, only marginally off the day's high of 1965.83.

More than 45 of Shanghai A shares jumped their 10 percent daily limits.

Turnover in Shanghai A shares rose to two-week high of 88.6 billion yuan from Tuesday's 67.3 billion yuan.

The annual central economic work conference from next Monday to Wednesday will discuss how to implement a big fiscal stimulus package and monetary easing. With government officials warning that China's economic downturn accelerated in November, the market thinks the meeting may take strong action.

"The index is likely to retest 2,000 in days as investors bet on the meeting," said Wu Nan, analyst at Xiangcai Securities.

Wen Xianjun, vice-chairman of China Nonferrous Metals Industry Association, said yesterday that the government was considering buying all types of base metals as reserves to help boost domestic demand.

This helped shares in companies such as Aluminum Corp of China, which climbed 4.82 percent to 7.83 yuan.

Financials were strong after Central Huijin, an arm of China Investment Corp, said it had raised its holdings of A shares in China Construction Bank to 70.8 million as of Nov 28.

It began buying A shares in the bank from the Shanghai Stock Exchange on Sept 23, as part of a package of government measures to support the stock market. The amount of buying was tiny compared to the bank's total share capital, but the evidence of continued buying encouraged investors. CCB shares rose 5.2 percent to 4.25 yuan.

Hong Kong shares 1.4% up

Hong Kong shares climbed 1.4 percent yesterday, with financials leading the charge, while telecom stocks gained on renewed speculation that 3G licences will be issued by the end of the year.

The benchmark Hang Seng Index closed up 182.81 points at 13588.66.

A total of HK$37.96 billion worth of shares were traded, down from HK$38.5 billion on Tuesday.

The China Enterprise index of Hong Kong-listed mainland companies finished up 3.3 percent at 7232.54.