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Shanghai Composite rises on surge of shipbuilders
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Shanghai stocks rose this morning, led by shipbuilders after the central government introduced new industry standards to reform and upgrading of the shipbuilding industry.
The benchmark Shanghai Composite Index added 0.45 percent, or 9.44 points, to 2,097.38. Half-day turnover was 36.7 billion yuan (US$6 billion).
The Ministry of Industry and Information Technology yesterday released industry standards for shipbuilders, which set specific requirements for shipyard, equipment, technology and quality control.
The ministry said the new standards aim to cut overcapacity, accelerate restructuring and promote technological upgrade.
Analysts said the new standards will benefit the country’s leading shipyards.
CSSC Jiangnan Heavy Industry Co rose 4.4 percent to 12.07 yuan. China CSSC Holdings Ltd advanced 5.4 percent to 18.52 yuan. Guangzhou Shipyard International Co Ltd jumped 7.7 percent to 13.31 yuan.
Most lenders declined after the seven-day repurchase rate, a gauge of funding availability in the money market, rose 55.8 basis points to 4.2 percent before 11:30am.
Shanghai Pudong Development Bank Co lost 1.5 percent to 9.50 yuan. Industrial Bank Co dropped 1.8 percent to 10.71 yuan.
Shenyin & Wanguo Securities says the trading volume stays at a low level as investors are digesting the communiqué of the plenary meeting of the Chinese Communist Party Central Committee that closed on Tuesday.
Market trading will remain tepid as investors wait for the release of more detailed reform policies, said the broker.
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