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Coal producers rebound, banks decline on Shanghai market
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SHANGHAI stocks edged up 0.06 percent to 2,222.88 points in today’s trading. Coal companies rebounded from recent declines. Banks dropped as new yuan loans were surprisingly low in July.
As the government is proposing plans to stimulate the coal sector, such as to regulate import and export, while many companies have agreed cutting yearly production by 10 percent. These measures have benefited their stocks.
Wintime Energy surged 10.11 percent to 5.23 yuan, while Guizhou Panjiang Refined Coal increased 10.07 percent to 8.09 yuan.
Companies at Shanghai Pilot Free Trade Zone saw a big rise in shares, due to the newest government plan to develop industrial land in the area.
Shanghai Waigaoqiao Free Trade Zone Development gained 4.25 percent to 28.92 yuan, while Shanghai Jinqiao Export Processing Zone Development rose 5.42 percent to 12.05 yuan.
Central bank data showed that both new loans and deposits experienced a remarkable decline in July compared with the same month last year. Banks’ shares generally dropped.
Bank of Communications lost 0.92 percent to 4.31 yuan, while China Citic Bank was down 0.90 percent to 4.41 yuan.
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