Shares gain on support for social funds
Print Edition
SHANGHAI stocks rose slightly yesterday after the central government said it will encourage social funds to play an active role in public sectors.
The Shanghai Composite Index edged up 0.06 percent to 4,378.31 points.
The government will simplify administrative approval procedures and allot more land for private investors to invest in transport, environmental protection and health care, according to a State Council executive meeting presided over by Premier Li Keqiang on Wednesday.
Investors pursued shares related to environmental protection. Fujian Longma Environmental Sanitation Equipment Co surged 8.19 percent to 96.79 yuan (US$15.61), Sinoma Energy Conservation Ltd jumped 5.80 percent to 23.35 yuan, CPI Yuanda Environmental-Protection Co gained 4.39 percent to 30.41 yuan.
Rare earth companies also rose after the Ministry of Land and Resources said yesterday that six leading rare earth groups will restructure into conglomerates, including Aluminum Corporation of China, or Chalco, and Xiamen Tungsten Co.
Chalco surged 9.95 percent to 9.50 yuan, while Xiamen Tungsten Co rallied by the daily 10 percent limit to 33.65 yuan.
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