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Index rises 3.36% on state aid for equipment makers
Print Edition
SHANGHAI stocks rallied yesterday as new government policies boosted equipment makers and signaled opportunities for the financial sector.
The Shanghai Composite Index jumped 3.36 percent to 3,072.54 points.
Commercial banks were asked by the central government to give special financial support to companies which design or make large industrial equipment.
Jiangsu Hengli Highpressure Oil Cylinder, Sany Heavy Industry and Xi’an Typical Industries all surged by the daily limit of 10 percent to 12.60 yuan (US$2.03), 9.79 yuan and 6.60 yuan respectively.
Insurance companies also gained as the government will develop competitive insurance services to help Chinese companies invest overseas.
China Life Insurance surged 9.98 percent to 27.87 yuan, China Pacific Insurance jumped 7.83 percent to 27.67 yuan, and New China Life Insurance rose 6.39 percent to 42.60 yuan.
The government will also have the cross-border interbank payment system upgraded to ensure safe, stable and efficient cross-border use of yuan to meet the demand of all sectors using the system.
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