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Shanghai index rises on railway stocks
By Ye Zhen |
March 15, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended higher today as railway-related companies gained on China's railway shake-up plan.
The key Shanghai Composite Index closed 0.36 percent up at 2,278.40 points with a daily turnover of 101.6 billion yuan (US$16.4 billion).
The Chinese government yesterday approved the establishment of China Railway Corp, a wholly state-owned enterprise, to take over commercial operation of the dismantled Ministry of Railways.
Daqin Railway Co climbed 4.1 percent to 7.82 yuan. Guangshen Railway Co rose 2.7 percent to 3.06 yuan. China Railway Tielong Container Logistics Co gained 2.1 percent to 6.76 yuan.
Lenders gained among financials amid optimism over earnings. China Construction Bank increased 2 percent to 4.69 yuan. China Minsheng Banking Corp added 1.3 percent to 9.99 yuan.
Most brokerages rose after the China Securities Regulatory Commission yesterday said it will lower the threshold for fund companies and securities firms to participate in the Qualified Domestic Institutional Investors scheme and invest in oversea capital markets.
Founder Securities Co rose 1.7 percent to 7.21 yuan. Soochow Securities Co gained 1.4 percent to 8.75 yuan. Huatai Securities advanced 2 percent to 10.51 yuan.
The key Shanghai Composite Index closed 0.36 percent up at 2,278.40 points with a daily turnover of 101.6 billion yuan (US$16.4 billion).
The Chinese government yesterday approved the establishment of China Railway Corp, a wholly state-owned enterprise, to take over commercial operation of the dismantled Ministry of Railways.
Daqin Railway Co climbed 4.1 percent to 7.82 yuan. Guangshen Railway Co rose 2.7 percent to 3.06 yuan. China Railway Tielong Container Logistics Co gained 2.1 percent to 6.76 yuan.
Lenders gained among financials amid optimism over earnings. China Construction Bank increased 2 percent to 4.69 yuan. China Minsheng Banking Corp added 1.3 percent to 9.99 yuan.
Most brokerages rose after the China Securities Regulatory Commission yesterday said it will lower the threshold for fund companies and securities firms to participate in the Qualified Domestic Institutional Investors scheme and invest in oversea capital markets.
Founder Securities Co rose 1.7 percent to 7.21 yuan. Soochow Securities Co gained 1.4 percent to 8.75 yuan. Huatai Securities advanced 2 percent to 10.51 yuan.
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