December 06, 2024 at 02:45 am EST
(MT Newswires) -- Chinese shares rose to their highest in two weeks on Friday amid bets that Beijing will introduce more stimulus at its annual closed-door policy convention next week.
The Shanghai Composite Index climbed 1.1%, or 35.22 points, to cap the trading week at 3,404.08. The Shenzhen Component Index jumped 1.5%, or 156.85 points, to 10,791.34.
Traders hope that the Chinese government will launch more measures for economic boost at next week's Central Economic Work Conference.
One of the measures being looked forward to is further reductions in the reserve requirement ratio, China Everbright Securities International's strategist, Kenny Ng, said in a Bloomberg News report on Friday.
There are also expectations among US lenders that the Chinese central bank will introduce the biggest interest-rate cuts in a decade, Bloomberg added.
In corporate news, Yibin Paper Industry (SHA:600793) soared 10% as the packaging paper manufacturer plans to apply for a 124 million yuan loan to supplement part of an acquisition of an acetate fiber company.
Chongqing Chuanyi Automation (SHA:603100) closed 3.5% higher amid plans to increase the capital of three of its subsidiaries by a total of 162.1 million yuan through a debt-to-equity swap.
Sumber : MT Newswires
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