Shares rise as China, Russia vow cooperation
Print Edition
SHANGHAI stocks gained yesterday as coal producers surged after China and Russia vowed to cooperate in several areas, while software firms rallied after China banned the use of Microsoft Windows 8 in their offices.
The Shanghai Composite Index added 0.84 percent to 2,024.95 points.
The market rebounded slightly on Tuesday from a three-week low as concerns about a glut of new initial public offerings eased after China’s securities regulator said it would limit the number of IPOs to around 100 in the second half.
Coal producers gained the most after China and Russia pledged to enhance cooperation in a wide range of areas, including coal mines in Russia. Coal stocks also surged after the National Development and Reform Commission said it plans to set up two to three national markets for coal trading.
Datong Coal Industry soared by the daily limit of 10 percent to 6.20 yuan (99 US cents). Shanxi Coal International Energy Group added 5.5 percent to 4.04 yuan.
China National Software & Service and Inspur Software both rose by the daily limit of 10 percent to 15.71 yuan and 13.76 yuan respectively.
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