Merger call helps stocks end higher
By Ye Zhen |
January 24, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a third time in four days after China said the country would encourage mergers in nine industries to enhance their international competitiveness.
The Shanghai Composite Index gained 0.25 percent to 2,320.91 points.
Companies in the nine industries - auto, steel, cement, shipbuilding, electrolytic aluminum, rare earths, electronic information, pharmacy and agriculture - will be encouraged to merge to boost their production efficiency and upgrade industrial structure, the Ministry of Industry and Information Technology said on Tuesday.
About 900 listed companies with a market value of more than 400 billion yuan (US$64.5 billion), about half the A-share market capitalization, may be involved in merger activities.
China CSSC Holdings Ltd rose 2.3 percent to 23.41 yuan. China Shipbuilding Industry Co added 2.7 percent to 4.94 yuan.
The Shanghai Composite Index gained 0.25 percent to 2,320.91 points.
Companies in the nine industries - auto, steel, cement, shipbuilding, electrolytic aluminum, rare earths, electronic information, pharmacy and agriculture - will be encouraged to merge to boost their production efficiency and upgrade industrial structure, the Ministry of Industry and Information Technology said on Tuesday.
About 900 listed companies with a market value of more than 400 billion yuan (US$64.5 billion), about half the A-share market capitalization, may be involved in merger activities.
China CSSC Holdings Ltd rose 2.3 percent to 23.41 yuan. China Shipbuilding Industry Co added 2.7 percent to 4.94 yuan.
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