Shares ride the wave on maritime data
Print Edition
SHANGHAI stocks yesterday closed higher again after figures showed China’s maritime economy grew more quickly than China’s economy over the last five years.
The Shanghai Composite Index rose 2.48 percent to 4,690.15 points.
The State Oceanic Administration said China’s maritime output had outgrown the pace of the country’s gross domestic product during the 12th Five-Year (2011-15) Plan period.
The SOA said in a latest report that during the period, the average annual growth of China’s maritime output exceeded that of GDP by 0.22 percentage points.
China’s maritime economy generated 5.99 trillion yuan (US$965 billion) in 2014, up 7.7 percent from 2013. The total maritime output made up 9.4 percent of China’s GDP in 2014, the report said.
China Shipping Haisheng Co surged by the daily 10 percent limit to 15.90 yuan, COSCO Shipping Co jumped 9.03 percent to 15.93 yuan, and China Merchants Energy Shipping Co rose 6.44 percent to 10.08 yuan.
Companies linked to the free trade zone also rose. Shanghai Zhangjiang Hi-tech Park Development Co surged 8.72 percent to 34.78 yuan, Shanghai Jinqiao Export Processing Zone Development Co jumped 7.9 percent to 30.99 yuan, and Shanghai Waigaoqiao Free Trade Zone Development Co rose 7.02 percent to 44.03 yuan.
Hydro power firms soared after the Ministry of Finance said China will spend 25 billion yuan to fund 143 new projects.
Chongqing Three Gorges Water Conservancy and Electric Power Co gained 5.66 percent to close at 21.08 yuan.
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