Key index posts gains for 3rd day
By Zhu Shenshen |
May 8, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday for the third consecutive day, fueled by gains in mining, automotive and transport counters on hopes that positive government policies will be unveiled.
The Shanghai Composite Index added 0.2 percent to a two-week high of 2,235.57 points, following a 1.2 percent jump the previous day.
The gains made by shares in the three sectors were mainly driven by expectations that the central government may take more measures in the near term to stabilize the economy, analysts said.
The China Securities Regulatory Commission issued a statement before the May Day holiday saying that it plans to require fund management firms to invest 80 percent of their funds in equities, up from the current 60 percent.
Mining stocks were among the biggest gainers.
Jiangxi Copper rose 3.6 percent to 21.33 yuan (US$3.39). Western Mining gained 1.6 percent to 7.17 yuan while Yunnan Copper added 3.2 percent to 12.51 yuan.
Elsewhere, Shanghai Jiaoyun Group jumped by the 10 percent daily cap to 4.47 yuan. Pang Da Automobile Trade Co climbed 8.2 percent to 5.83 yuan.
The Shanghai Composite Index added 0.2 percent to a two-week high of 2,235.57 points, following a 1.2 percent jump the previous day.
The gains made by shares in the three sectors were mainly driven by expectations that the central government may take more measures in the near term to stabilize the economy, analysts said.
The China Securities Regulatory Commission issued a statement before the May Day holiday saying that it plans to require fund management firms to invest 80 percent of their funds in equities, up from the current 60 percent.
Mining stocks were among the biggest gainers.
Jiangxi Copper rose 3.6 percent to 21.33 yuan (US$3.39). Western Mining gained 1.6 percent to 7.17 yuan while Yunnan Copper added 3.2 percent to 12.51 yuan.
Elsewhere, Shanghai Jiaoyun Group jumped by the 10 percent daily cap to 4.47 yuan. Pang Da Automobile Trade Co climbed 8.2 percent to 5.83 yuan.
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