Coal firms help index close up
Print Edition
SHANGHAI shares edged up yesterday as investors were buoyed by the Chinese government’s measures to ease the financial pressure on coal and steel firms by converting debt to equity.
The Shanghai Composite Index added 0.93 percent to 3,004.28 points.
Shares of coal firms rose following several reports that the China Banking Regulatory Commission planned to swap their debts into equities to help them raise money, which investors understood to mean the government is supporting the country’s heavy industries.
Yanzhou Coal Mining Company jumped by the daily limit of 10 percent to 12.76 yuan (US$1.9), while Shaanxi Heimao Coking Co surged 9.96 percent to 7.84 yuan.
Investors were also buoyed that the country’s supply-side reform has benefited the coal, electricity and transport sectors in the first half year.
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