Shares ride the wave on policies to lift shipping
Print Edition
SHANGHAI stocks rose yesterday, led by shipping companies and shipbuilders which gained from policies to upgrade the shipping industry.
The Shanghai Composite Index gained 0.41 percent to 2,430.03 points.
The Ministry of Transport said on Friday that China will continue to open the shipping industry by consolidating the role of leading companies in the sector.
The policies aim to establish a fleet of ships with advanced technology as well as speed up the construction of modern ports. The central government will also promote related logistics.
Essence Securities said the new polices will transform the structure of the shipping market in the long run by improving management among companies and adapting the companies to meet real market needs.
China Shipping Haisheng surged by the 10 percent daily limit to 5.14 yuan (84 US cents), while China COSCO Holdings and Guangzhou Shipyard International rose 9.98 percent to 4.52 yuan and 18.84 yuan.
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