ADRs Jump on Prospect Stimulus to Boost Market: China Overnight |
| Bloomberg - Sep 27, 2012 |
Chinese equities in New York rallied for the first time this week on speculation the government will take further steps to revive the economy and bolster stocks trading near their cheapest level in six years.
The Bloomberg China-US Equity Index of the most-traded Chinese shares in the U.S. climbed the most in two weeks, gaining 1.9 percent to 91.90 by 1:06 p.m. in New York. Huaneng Power International Inc. (600011), China’s largest electricity producer, jumped to a two-month high while Guangshen Railway Co. is set for the highest close since Aug. 10. 7 Days Group Holdings Ltd. (SVN) was the biggest decliner on the China-US gauge the day after receiving a buyout proposal from private equity firms.
Chinese policy makers have raised interest rates twice this year and yesterday injected a record amount of funds into the financial system as they strive to ignite the economy before a once-in-a-decade political power transition. Companies in the Shanghai Composite Index traded for 8.4 times estimated profits on Sept. 26, the lowest level in data going back to 2006. The valuation rose to 8.6 times yesterday.
Read Full Article from Bloomberg
- Posted: 2012-09-27 15:01:48
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