Agriculture plan provides fillip to index
Print Edition
Shanghai shares edged up yesterday as agricultural firms rose on hopes the government will accelerate development of the sector while financial counters fell after Premier Li Keqiang signaled there will be no monetary easing.
The Shanghai Composite Index rose 0.35 percent to end at 2,157.24.
Agricultural shares soared after the Ministry of Finance yesterday launched a program to speed up modernizing the industry and emphasizing high productivity and sustainable growth.
During his visit to Fuyuan County in Heilongjiang Province, Li said the development of modern agriculture hinges on reform and innovation.
Heilongjiang Agriculture Co surged by the daily limit of 10 percent to 12.87 yuan (US$2.11), and so did Zhongken Agricultural Resource Development Co to 8.27 yuan.
Financial shares fell after the premier said M2, a broad measure of money supply in the country, exceeded 100 trillion yuan (US$16 trillion) as of March. Pumping more cash into the economy may lead to inflation, Li said in a report in The Workers Daily on Monday.
Shanghai Pudong Development Bank lost 1 percent to 10.20 yuan.
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