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Military products makers rise in Shanghai stock trading
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Shanghai stocks rose nearly a percent today, boosted by the strong performance of military-related shares. The Shanghai Composite Index gained 0.88 percent to 2,331.95 points. For the week, it added 3.52 points.
China is stepping up reforms in state-owned military enterprises via diversifying the shareholding structure of companies that manufacture military products. Authorities from the State Administration of Science, Technology and Industry for National Defense, in the past month, frequently inspected the process of reform at large military product manufacturers.
China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC) are China’s top SOEs that provide naval products. CSIC said it has benefited from the state-owned funds given to it earlier this year, while CSSC has handed in the request to absorb new state-owned funds.
China CSSC Holdings skyrocketed the daily limit of 10 percent to 32.42 yuan, while China Shipbuilding Industry surged 5.50 percent to 6.03 yuan.
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