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Shanghai index jumps, led by securities brokerages
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SHANGHAI stocks jumped today, gaining 1.38 percent to 2224.65 points. Blue chips bounced strongly to end last week’s decline.
Shares of securities firms surged, benefiting from policies such as a simplified application procedure for asset securitization. Citic Securities was up 2.30 percent to 13.36 yuan (US$2.12), while Industrial Securities gained 1.64 percent to 10.53 yuan.
As the State Council recently confirmed plans to develop land around railway stations to boost economic opportunities, shares of companies involved in railway development went up accordingly. Nanjing Kangni Mechanical & Electrical rose 10 percent to 17.57 yuan, while Jinxi Axle gained 5.83 percent to 11.26 yuan.
In the agricultural sector, pig feeders’ shares went up, as a result of increased revenues in the pig raising industry. As pork prices rally, shares turn positive. Liaoning Wellhope Agri-tech led the sector in Shanghai market by rising 10 percent to 9.32 yuan.
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