Shares rally to close 2.3% up
Print Edition
SHANGHAI stocks yesterday rebounded strongly after Thursday’s tumble as investors were cheered by the central government’s determination to boost the e-commerce sector and also cut overcapacity in coal companies.
The Shanghai Composite Index jumped 2.28 percent to 4,205.92 points. For the week, it lost more than 5 percent.
A Chinese government’s guideline released on Thursday pledged to create a favorable environment for e-commerce by cutting red tape, easing market access and lowering taxation.
China will build a unified and orderly e-commerce market by 2020. Steps would be taken to enable people living in rural areas to gain from e-commerce.
Ccs Supply Chain Management Co surged by the daily 10 percent limit to 32.45 yuan (US$5.23), Hundsun Technologies Inc rallied 9.72 percent to 129.23 yuan, and Shanghai Baosight Software Co gained 7.31 percent to 59.46 yuan.
Separately, China will cut 77.79 million tons of outdated coal production capacity and close down 1,254 coal mines in 2015 as the government moves to curb blind expansion in the sector and promote renewable energy, said a joint circular issued by the National Energy Administration and State Administration of Coal Mine Safety on Thursday.
Qinghai Sunshiny Mining Co jumped 6.92 percent to 31.23 yuan and Shaanxi Coal Industry Co increased 5.11 percent to close at 9.88 yuan.
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