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Shanghai index buoyed by rising telecom stocks
By Feng Jianmin |
September 19, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks gained in the morning session, led by telecommunications firms after the Ministry of Science and Technology unveiled plans to boost the industry.
The Shanghai Composite Index rose 0.17 percent to 2,063.07 points in morning trading. Turnover fell to 19.2 billion yuan (US$3 billion) from yesterday morning's 23.7 billion.
The ministry released several plans aimed at boosting the market value of location services providers to over 100 billion yuan, establishing two pilot districts each with more than 1 million broadband users, and nurturing a cluster of cloud computing companies.
Technology firms climbed on speculation that more investment is forthcoming to realize the goals. Datang Telecom Technology Co rose 2.6 percent to 9.60 yuan. Routon Electronic Co jumped by the daily limit of 10 percent to 4.73 yuan.
Tourist companies had a bull run ahead of the eight-day Mid-Autumn Festival and National Day holiday. China United Travel Company surged 5.7 percent to 4.24 yuan. China CYTS Tours Holdings added 3 percent to 17.20 yuan.
Banks were still weak. Bank of China dipped 0.75 percent to 2.64 yuan. China Merchants Bank fell 0.8 percent to 9.91 yuan.
The Shanghai Composite Index rose 0.17 percent to 2,063.07 points in morning trading. Turnover fell to 19.2 billion yuan (US$3 billion) from yesterday morning's 23.7 billion.
The ministry released several plans aimed at boosting the market value of location services providers to over 100 billion yuan, establishing two pilot districts each with more than 1 million broadband users, and nurturing a cluster of cloud computing companies.
Technology firms climbed on speculation that more investment is forthcoming to realize the goals. Datang Telecom Technology Co rose 2.6 percent to 9.60 yuan. Routon Electronic Co jumped by the daily limit of 10 percent to 4.73 yuan.
Tourist companies had a bull run ahead of the eight-day Mid-Autumn Festival and National Day holiday. China United Travel Company surged 5.7 percent to 4.24 yuan. China CYTS Tours Holdings added 3 percent to 17.20 yuan.
Banks were still weak. Bank of China dipped 0.75 percent to 2.64 yuan. China Merchants Bank fell 0.8 percent to 9.91 yuan.
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