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Early stocks up slightly on media bid

By Ye Zhen | August 15, 2013, Thursday | Online Edition

SHANGHAI stocks eked out in the early trading as technology, media and telecommunications companies gained on China’s bid to boost information consumption, overshadowing the loss of pharmaceutical firms amid a national bribery probe.

The benchmark Shanghai Composite Index edged up 0.05 percent to 2,101.23 points. Turnover was 47 billion yuan (US$7.7 billion) by the noon break.
 
“China has a sound foundation and great potential to boost information consumption, which will help to shore up domestic demand and is set to be a new engine for economic growth,” the State Council, China’s Cabinet, said in a guideline released yesterday on its website.
 
The central government expected the consumption of information products and services to grow at an annual pace of at least 20 percent to reach 3.2 trillion yuan by the end of 2015. The output of information-related industries is expected to increase by 1.2 trillion yuan by 2015 while Internet-based consumption should grow by at least 30 percent year on year to 2.4 trillion yuan, the guideline said. 

Shanghai Potevio Co gained up to the limit of 10 percent to 9.53 yuan. China National Software & Service Co Ltd leapt 9.5 percent to 23 yuan. 

BesTV New Media Co jumped 3.7 percent to 33.68 yuan. Zhe Jiang Daily Media Group Co rose 1.9 percent to 29.44 yuan. 

Pharmaceutical firms declined after China launched a three-month probe into bribery claims in the pharmaceutical and medical services sector.
 
Tianjin Zhongxin Pharmaceutical Group Corp Ltd fell 6.5 percent to 13.40 yuan. Guizhou Yibai Pharmaceutical Co slumped 5.1 percent to 31.26 yuan. Jiangsu Hengrui Medicine Co lost 4.4 percent to 33.31 yuan. 

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