Blue chips, policies send index up 1.38%
Print Edition
SHANGHAI stocks rallied yesterday, due to a strong rebound of blue chips from last week’s decline while national policies also gave a huge boost to shares in certain sectors such as railway construction and securities.
The Shanghai Composite Index gained 1.38 percent to 2,224.65 points.
China Life Insurance rose 2.48 percent to 15.29 yuan (US$2.48) while China Merchants Bank gained 2.31 percent to 11.08 yuan.
Shares in railway development companies also benefited from plans by the State Council, China’s Cabinet, to develop land around railway stations to boost business opportunities.
Nanjing Kangni Mechanical & Electrical rose 10.02 percent to 17.57 yuan, while Jinxi Axle gained 5.83 percent to 11.26 yuan.
Brokerages also surged, benefiting from policies like a simplified application procedure in asset securitization.
CITIC Securities, China’s biggest listed brokerage, rose 2.3 percent to 13.36 yuan, while Industrial Securities gained 1.64 percent to 10.53 yuan.
Shares of pig feed firms soared as a result of increased revenues. Shenyin & Wanguo Securities said in a notice that as pork prices rise, investors become more confident in the economy.
Liaoning Wellhope Agri-tech rose 10.04 percent to 9.32 yuan.
Shenyin & Wanguo also advised investors to pay heed to future government policies or measures, which may lift the benchmark index above 2,250 points.
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