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Cabinet’s guidelines give fillip to stocks
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SHANGHAI stocks rose yesterday for a fifth consecutive day as the State Council, China’s Cabinet, unveiled new guidelines on restructuring and supporting the development of shipping and sports industries.
The benchmark Shanghai Composite Index gained 0.8 percent to 2,306.86 points, the highest level since May 31, last year.
Shipping companies rallied for two straight days after the State Council’s move to deepen reform and open the shipping industry, improve China’s global maritime network, promote the transformation and upgrading of shipping companies, and enhance the global competitiveness of the industry.
China COSCO Holdings Co, the country’s largest shipping group, rose 1.1 percent to 3.57 yuan (58 US cents). China Shipping Container Lines Co jumped 2 percent to 2.99 yuan. Ningbo Marine Co, soared 4 percent to 4.38 yuan, and China Shipping Development Co gained 0.2 percent to 5.61 yuan.
The State Council also said it will quicken the development of the sports industry and relax curbs on the broadcasting of sports games and tournaments.
Jiangsu Sainty Corp, owner of Jiangsu Sainty Football Club, soared by the 10 percent daily limit to close at 6.99 yuan.
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