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Military shares boost key index by nearly 1%
Print Edition
SHANGHAI stocks rose nearly a percent yesterday as shares in the military-related industry performed strongly.
The Shanghai Composite Index gained 0.88 percent to 2,331.95 points. For the week, the gauge added 3.52 points.
China is accelerating reforms in military state-owned enterprises such as by diversifying their shareholdings, with frequent inspection visits from officials of the State Administration of Science, Technology and Industry for National Defense over the past month.
China Shipbuilding Industry Corporation said in January it had acquired two smaller shipbuilders to enhance its capability. Its shares surged 5.50 percent to 6.03 yuan (98 US cents) yesterday.
The plan by China State Shipbuilding Corporation to also take over some military equipment producers boosted its share price by the daily limit of 10 percent to 32.42 yuan yesterday.
New smart navigation products attracted great attention at a three-day satellite technology conference which ended in Beijing yesterday. The National Administration of Surveying, Mapping and Geoinformation announced further plans to promote products that rely on the BeiDou Navigation Satellite System (BDS).
“The application of BDS in mobile devices will boost greatly the mapping and navigation industry,” said Hongyuan Securities.
China Spacesat gained 4.02 percent to close at 24.57 yuan.
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