Shanghai Composite up 0.35%, helped by agro shares

By Ye Zhen | November 5, 2013, Tuesday |

Online Edition

Shanghai stocks gained today as rising agricultural shares offset losses of financial firms. The benchmark Shanghai Composite Index rose 0.35 percent, or 7.61 points, to 2,157.24. Turnover remained sluggish at 78 billion yuan (US$12.8 billion).

Agriculture shares soared after the Ministry of Finance today launched a pilot program to accelerate agricultural modernization characterized by large scale, high productivity and sustainable growth.

During his visit to Fuyuan County in Heilongjiang Province, Chinese Premier Li Keqiang said the development of modern agriculture hinges on reform, which must benefit the farmers and encourage innovation.

Heilongjiang Agriculture Co Ltd surged by the daily limit of 10 percent to 12.87 yuan. Zhongken Agricultural Resource Development Co jumped 10 percent to 8.27 yuan. Dahu Aquaculture Co advanced 5 percent to 7.75 yuan.

Financial shares declined in contrast after Li said China’s deficit ratio has reached 2.1 percent and its M2, a broad measure of money supply, exceeded 100 trillion yuan as of March, meaning lots of liquidity in economy.

Pumping more cash may lead to inflation, Li was quoted as saying in a report in The Workers Daily yesterday.

Shanghai Pudong Development Bank Co lost 1 percent to 10.20 yuan. Industrial Bank slumped 2 percent to 11.49 yuan.

Finance

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Shanghai Composite up 0.35%, helped by agro shares

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