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Shanghai shares rose to a one-month high
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Shanghai stocks rose to a one-month high on Thursday, led by coal producers after the government said it will accelerate reform of the industry struggling with overcapacity.
The Shanghai Composite Index climbed 0.83 percent to finish at 2,219.37 points, the highest close since October 21. Turnover rose to 119.6 billion yuan (US$19.6 billion) from 102.2 billion yuan in the previous session.
Analysts also said market sentiment was buoyed by today’s official report that China’s industrial profits gained 15.1 percent in October.
The State Council, China’s equivalent to a cabinet, said the country will curb disorderly growth of coal production and impose differentiating tariffs to encourage the import of high-quality coal, according to a proposal published today.
Anyuan Coal Industry Group Co jumped 10 percent to 5.03 yuan while Yanzhou Coal Mining Co gained 2.96 percent to 10.42 yuan. China Shenhua Energy Co, the nation’s biggest coal producer, rose 1.55 percent to 17.06 yuan.
Nonferrous metals producers were also strong with Yunnan Chihong Zinc & Germanium Co up 10 percent at 10.47 yuan.
Shanghai-based Bright Dairy & Food Co jumped 6.50 percent to 22.79 yuan after its state-owned parent replaced its chairman Wang Zongnan due to health reasons.
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