Consumer goods give shares a boost
Print Edition
SHANGHAI’S shares edged up yesterday as the market was buoyed by the strong performance of the consumer goods sector and venture investment related shares.
The Shanghai Composite Index added 0.34 percent to 3,536.93 points.
Shares in the health-care, technology and consumer goods companies rallied as the central government has been trying to boost the role of privately-owned technology and service businesses as well as encourage startup companies in these fields.
Luxin Venture Capital Group Co surged by the daily limit of 10 percent to 46.57 yuan (US$7.27) while Newcapec Electronics Co Ltd jumped 2.31 percent to 36.72 yuan.
Chinese traditional medicine maker Beijing Tongrentang Co also jumped by the 10 percent daily limit. China’s biggest listed film maker Huayi Brothers Media Corp gained 5.9 percent, while Wangsu Science & Technology Co added 2.7 percent.
UBS Securities’ China chief strategist Gao Ting told a media briefing yesterday that consumer goods and services sectors are set to play a bigger role in the economy as urban residents change their consumption habits. These sectors are most likely to outperform the market in the future. Citic Securities Co fell 1.86 percent to 17.90 yuan after saying in a stock exchange filing yesterday that it has been unable to contact two executives.
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