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Shanghai shares up 0.6%, helped by shipbuilders
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Shanghai stocks eked out gains today in light trading, led by shipbuilders after the central government introduced new standards to regulate and upgrade the shipbuilding industry.
The benchmark Shanghai Composite Index added 0.6 percent, or 12.57 points, to 2,100.51. Daily turnover was 72.1 billion yuan (US$11.8 billion).
Shenyin & Wanguo Securities says the trading volume stays at a low level as investors are digesting the communiqué of the plenary session of the Chinese Communist Party Central Committee that closed on Tuesday.
Market trading will remain tepid as investors wait for detailed reform measures to come out, said the broker.
The Ministry of Industry and Information Technology yesterday issued new industry standards for shipbuilders, setting requirements for shipyard, equipment, technology and quality control.
The ministry said the new standards aim to cut overcapacity, accelerate restructuring and promote technological upgrade.
Analysts said the new standards will benefit the country’s leading shipyards.
CSSC Jiangnan Heavy Industry Co rose 5.3 percent to 12.17 yuan. China CSSC Holdings Ltd advanced 6.4 percent to 18.70 yuan. Guangzhou Shipyard International Co Ltd jumped by the daily limit of 10 percent to 13.60 yuan.
Lenders declined today due to a spike in short-term money rates. The seven-day repurchase rate, a gauge of funding availability in the money market, rose 56 basis points to 4.3 percent, after the People’s Bank of China refrained from injecting liquidity today.
The central bank’s inaction will result in a net withdrawal of 15 billion yuan from the interbank market this week, following a net drain of 15 billion yuan last week.
Shanghai Pudong Development Bank Co lost 1.6 percent to 9.49 yuan. Industrial Bank Co fell 2.5 percent to 10.64 yuan.
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