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Shanghai shares up 0.36% in morning trading
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SHANGHAI stocks gained this morning as metal producers and heavy manufacturers advanced.
The key Shanghai Composite Index added 0.36 percent, or 7.30 points, to 2,051. Half-day turnover was 34.4 billion yuan.
The market was boosted by expectation that the government will step up effort to bolster economy following dismal economic data released recently.
The State Council, China’s cabinet, announced stimulus measures on Wednesday after a meeting chaired by Premier Li Keqiang. The measures include spending on shantytown renovations and railway construction and preferential tax policy for small companies.
“These measures clearly show that the pace of policy easing is picking up,” Zhang Zhiwei, economist with Nomura Holdings Inc, wrote in a note.
Non-ferrous metal producers led the market up. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd rose 5 percent to 21.05 yuan. Xiamen Tungsten Co Ltd jumped 5.8 percent to 25.35 yuan. Rising Nonferrous Metals Share Co Ltd advanced 5.6 percent to 36.20 yuan.
Guangzhou Shipyard International Co Ltd gained 5.1 percent to 17.24 yuan. Jiangxi Hongdu Aviation Industry Co Ltd added 2.1 percent to 15.79 yuan. Hafei Aviation Industry Co Ltd increased 1.1 percent to 25.45 yuan.
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