Plan for coal sector keeps stocks afloat
Print Edition
SHANGHAI stocks edged up yesterday as coal firms banked on a central government plan to fuel imports and exports.
The Shanghai Composite Index added 0.06 percent to 2,222.88 points.
Shenyin & Wanguo Securities said in a note that the release of conflicting official data for different sectors yesterday morning limited the rise of the index in the stock market.
The government’s proposal to stimulate the coal industry helped Wintime Energy surge 10 percent to 5.23 yuan (85 US cents), while Guizhou Panjiang Refined Coal soared 10 percent to 8.09 yuan.
The industry also got a boost after several coal companies agreed to cut annual production by 10 percent.
Companies related to the Shanghai free trade zone also benefited following the government’s latest plan to develop industrial land in the zone.
Shanghai Waigaoqiao Free Trade Zone Development gained 4.25 percent to 28.92 yuan, while Shanghai Jinqiao Export Processing Zone Development rose 5.42 percent to close at 12.05 yuan.
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