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Shanghai index up 0.22% on rising confidence
By Ye Zhen |
May 21, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks recovered from a brief setback before noon and gained five days in a row amid optimism for emerging industries as China pushes ahead with economic transformation.
The benchmark Shanghai Composite Index added 5.13 points, or 0.22 percent, to 2,305.11, the highest close since March 25. Daily turnover was 113 billion yuan (US$18.5 billion).
"Investors are betting on the outlook of emerging industries as China steps up economic restructuring while cyclical sectors are continuing a weak run amid a sluggish economy," said Soochow Securities.
Chinese Premier Li Keqiang last week called for more deregulation of the nation's economy and let the market to play a bigger role in allocation of resources and to stimulate innovation.
Tsinghua Tongfang Co gained 6.2 percent to 8.19 yuan. Aisino Co, a producer of computer system applications, rose 3.48 percent to 15.17 yuan. Beijing Teamsun Technology Co surged 8.6 percent to 7.80 yuan.
Media and entertainment firms advanced as Tebon Securities said the valuation of their industries may get a boost from better earnings.
Jiangsu Phoenix Publishing & Media Corp Ltd gained 5.4 percent to 8.95 yuan. Jishi Media Co increased 5.6 percent to 7.59 yuan. China Television Media rose 2.5 percent to 14.89 yuan.
The benchmark Shanghai Composite Index added 5.13 points, or 0.22 percent, to 2,305.11, the highest close since March 25. Daily turnover was 113 billion yuan (US$18.5 billion).
"Investors are betting on the outlook of emerging industries as China steps up economic restructuring while cyclical sectors are continuing a weak run amid a sluggish economy," said Soochow Securities.
Chinese Premier Li Keqiang last week called for more deregulation of the nation's economy and let the market to play a bigger role in allocation of resources and to stimulate innovation.
Tsinghua Tongfang Co gained 6.2 percent to 8.19 yuan. Aisino Co, a producer of computer system applications, rose 3.48 percent to 15.17 yuan. Beijing Teamsun Technology Co surged 8.6 percent to 7.80 yuan.
Media and entertainment firms advanced as Tebon Securities said the valuation of their industries may get a boost from better earnings.
Jiangsu Phoenix Publishing & Media Corp Ltd gained 5.4 percent to 8.95 yuan. Jishi Media Co increased 5.6 percent to 7.59 yuan. China Television Media rose 2.5 percent to 14.89 yuan.
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