Airlines and water firms lift key index
By Lydia Chen |
July 12, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday, led by airline and water resources-related businesses which got a boost from industry incentives offered by the central government.
The Shanghai Composite Index added 0.18 percent to close at 2,802.69.
Analysts said the gain signaled the market has not been affected by a slew of economic data released over the weekend, which saw China's inflation hitting a three-year high while imports slowed sharply last month.
China Southern Airlines soared on reports that China will invest 1.5 trillion yuan in the aviation industry in the next five years. The carrier climbed 2.54 percent to 8.48 yuan while Air China jumped 1.67 percent to 10.37 yuan.
Irrigation-related shares were also lifted after China pledged to invest 4 trillion yuan in the next decade to aggressively construct water facilities in an urgent effort to enhance grain safety and fight drought and floods.
Anhui Water Resources Development Co rose 3.78 percent to 15.65 yuan.
China will prioritize water projects in its infrastructure construction, with irrigation and water conservancy as a major task in rural infrastructure improvement, according to a two-day meeting chaired by President Hu Jintao over the weekend.
The huge investments in the water resources sector indicated that China is changing its micro-economic policies slightly but will maintain tightening until inflation eases from high levels, said analysts at China International Capital Corporation.
The Shanghai Composite Index added 0.18 percent to close at 2,802.69.
Analysts said the gain signaled the market has not been affected by a slew of economic data released over the weekend, which saw China's inflation hitting a three-year high while imports slowed sharply last month.
China Southern Airlines soared on reports that China will invest 1.5 trillion yuan in the aviation industry in the next five years. The carrier climbed 2.54 percent to 8.48 yuan while Air China jumped 1.67 percent to 10.37 yuan.
Irrigation-related shares were also lifted after China pledged to invest 4 trillion yuan in the next decade to aggressively construct water facilities in an urgent effort to enhance grain safety and fight drought and floods.
Anhui Water Resources Development Co rose 3.78 percent to 15.65 yuan.
China will prioritize water projects in its infrastructure construction, with irrigation and water conservancy as a major task in rural infrastructure improvement, according to a two-day meeting chaired by President Hu Jintao over the weekend.
The huge investments in the water resources sector indicated that China is changing its micro-economic policies slightly but will maintain tightening until inflation eases from high levels, said analysts at China International Capital Corporation.
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