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Crop firms lead Shanghai index up on policy pledge
By Lydia Chen |
February 10, 2011, Thursday
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Online Edition
Online Edition
AN BROAD rally lifted Shanghai's stock market back into the positive territory this morning with agriculture shares and software makers leading the gains over government's preferential policies.
The Shanghai Composite Index jumped 0.78 percent to 2,795.80. Turnover added slightly to 58.29 billion yuan(US$8.86 billion) from yesterday morning's 54.33 billion yuan.
Agriculture shares gained the most among all sectors. Premier Wen Jiabao led a Cabinet meeting yesterday on increasing grain production amid the country's worsening drought.
Wanxiang Doneed Co Ltd paced gains among all agriculture stocks this morning with a hike of the daily cap of 10 percent to 14.26 yuan. Hunan Jinjian Cereals Industry Co also performed strong, rising 9.96 percent to 8.94 yuan.
The United Nation's food agency has warned that the months-long drought is driving up China's wheat prices and now the focus is on whether China will buy more from the global market, where prices have already risen about 35 percent since mid-November.
Shares in the software and Internet industries also benefited from government preferential policies as the country yesterday pledged 31 new supporting measures, including tax deduction and incentives on research and development programs, to boost future developments.
Zhejiang Gangtai Holding Group Co, a networking products maker, was the best performer in the Shanghai market by the noon break. It rallied the daily cap of 10 percent to 13.15 yuan.
The Shanghai Composite Index jumped 0.78 percent to 2,795.80. Turnover added slightly to 58.29 billion yuan(US$8.86 billion) from yesterday morning's 54.33 billion yuan.
Agriculture shares gained the most among all sectors. Premier Wen Jiabao led a Cabinet meeting yesterday on increasing grain production amid the country's worsening drought.
Wanxiang Doneed Co Ltd paced gains among all agriculture stocks this morning with a hike of the daily cap of 10 percent to 14.26 yuan. Hunan Jinjian Cereals Industry Co also performed strong, rising 9.96 percent to 8.94 yuan.
The United Nation's food agency has warned that the months-long drought is driving up China's wheat prices and now the focus is on whether China will buy more from the global market, where prices have already risen about 35 percent since mid-November.
Shares in the software and Internet industries also benefited from government preferential policies as the country yesterday pledged 31 new supporting measures, including tax deduction and incentives on research and development programs, to boost future developments.
Zhejiang Gangtai Holding Group Co, a networking products maker, was the best performer in the Shanghai market by the noon break. It rallied the daily cap of 10 percent to 13.15 yuan.
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