Financial stocks prop up index
Print Edition
SHANGHAI stocks edged up yesterday, helped by financial shares which are banking on central government policies to inject momentum in the sector.
The Shanghai Composite Index added 0.92 percent to 2,226.73 points. For the week the index rose 27.30 points.
Financial institutions got a boost from the measures, including testing a program that allows cross-market equity investment between the Shanghai and Hong Kong exchanges, said Ningbo Haishun Securities Investment.
Southwest Securities jumped 7.23 percent to 10.08 yuan, while Industrial Securities added 4.13 percent to 10.85 yuan.
Coal shares also rallied as more companies will cut annual output by 10 percent, indicating a potential price rise in future.
Yang Quan Coal Industry rose 6.85 percent to finish at 6.86 yuan. Beijing Haohua Energy Resource added 1.94 percent to close at 6.32 yuan.
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