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Shanghai shares inch up on reshuffle move
By Ye Zhen |
January 23, 2013, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today after China announced to start a reshuffle in nine industries to enhance their international competitiveness.
The benchmark Shanghai Composite Index added 0.25 percent to 2,320.91 points with a daily turnover of 97 billion yuan (US$15.6 billion).
The Ministry of Industry and Information Technology said yesterday that the government will encourage merges in nine industries, including automobile, steel, cement, shipbuilding, aluminum, rare earth, pharmaceuticals and agriculture.
The move aims to boost their production efficiency and upgrade industrial structures in an effort to strengthen the competitiveness of domestic companies in the global market, the ministry said.
This round of industrial consolidation will involve about 900 listed companies with stocks valued more than 400 billion yuan, about half of the A-share market capitalization.
The accelerating pace of merges will help industries burdened with overcapacity to weed out obsolete facilities and optimize their product mix, said BOC International (China) Ltd.
A-share accounts decreased by 77,000 last week, eight months in a row, to 54.9 million, data from the China Securities Depository and Clearing Corp Ltd showed.
Guo Shuqing, chairman of China Securities Regulatory Commission, said yesterday that it is a good phenomenon that some retail investors have cancelled their accounts because "China's stock market is still not mature and is not a playground for low-income individuals or those who live only on pension."
Shipbuilders gained the most. China CSSC Holdings Ltd rose 2.3 percent to 23.41 yuan. China Shipbuilding Industry Co climbed 2.7 percent to 4.94 yuan.
The benchmark Shanghai Composite Index added 0.25 percent to 2,320.91 points with a daily turnover of 97 billion yuan (US$15.6 billion).
The Ministry of Industry and Information Technology said yesterday that the government will encourage merges in nine industries, including automobile, steel, cement, shipbuilding, aluminum, rare earth, pharmaceuticals and agriculture.
The move aims to boost their production efficiency and upgrade industrial structures in an effort to strengthen the competitiveness of domestic companies in the global market, the ministry said.
This round of industrial consolidation will involve about 900 listed companies with stocks valued more than 400 billion yuan, about half of the A-share market capitalization.
The accelerating pace of merges will help industries burdened with overcapacity to weed out obsolete facilities and optimize their product mix, said BOC International (China) Ltd.
A-share accounts decreased by 77,000 last week, eight months in a row, to 54.9 million, data from the China Securities Depository and Clearing Corp Ltd showed.
Guo Shuqing, chairman of China Securities Regulatory Commission, said yesterday that it is a good phenomenon that some retail investors have cancelled their accounts because "China's stock market is still not mature and is not a playground for low-income individuals or those who live only on pension."
Shipbuilders gained the most. China CSSC Holdings Ltd rose 2.3 percent to 23.41 yuan. China Shipbuilding Industry Co climbed 2.7 percent to 4.94 yuan.
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