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Shanghai index up again, helped by IT stocks
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SHANGHAI stocks inched up today, the third day in a row, as information technology shares advanced on President Xi Jinping’s remarks to strengthen Internet security and build China into a cyber power.
The benchmark Shanghai Composite Index gained 0.44 percent, or 8.95 points, to 2,056.30. Turnover was 95.7 billion yuan (US$15.7 billion) at the trading close. The index lost 2.7 percent this week but added 1.1 percent for the month.
“There is no national security without Internet security, and there is no modernization without wide adoption of information technologies,” Xi said at a meeting of a leadership group on Internet security and IT development.
“Efforts should be made to develop China into a cyber power,” said Xi who heads the new group with Premier Li Keqiang and Liu Yunshan, a senior Politburo member of the Chinese Communist Party, as deputy heads.
“The creation of the group can be seen as a signal that the Chinese government is boosting an information-based economy as a national strategy,” CITIC Securities said in a note today.
“The meeting sparked investor enthusiasm for related sectors,” said the brokerage. “The market expects increased investment in information infrastructure and more incentive policies to come.”
IT-related shares soared. Shanghai Potevio Co Ltd, a manufacturer of communication devices, surged by the daily limit of 10 percent to 13.26 yuan. Eastern Communications Co Ltd jumped 8.2 percent to 8.46 yuan.
Gold stocks also gained as the gold price remained bullish amid worries about a downturn in the US economy and tensions in Ukraine. Shandong Gold Mining Co Ltd advanced 5 percent to 18.85 yuan. Zhongjin Gold Corp Ltd increased 1.8 percent to 8.66 yuan.
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