Shares rise as tourism taps Disney magic
Print Edition
SHANGHAI shares rebounded yesterday on gains made by tourism firms and boosted by the central bank’s cash injection into the financial system for a third day ahead of a week-long closure of the market.
The Shanghai Composite Index rose 1.53 percent to close at 2,781.02 points.
Shanghai-based tourism stocks jumped in the morning session as Walt Disney Co on Wednesday announced lower-than-expected ticket prices for its new theme park that will be opening soon in the city.
Shanghai Jielong Industry Group Co, which owns land near the Disney resort, surged 5.9 percent to 22.81 yuan (US$3.47). Shanghai Jinjiang International Hotels Development Co, whose parent company owns a stake in Disney’s local partner, gained 2.96 percent to 35.83 yuan.
Brokerages also gained, with Industrial Securities Co surging 4.25 percent to 8.1 yuan. Material companies also rose, with Jiangxi Copper Co adding 5.76 percent to 13.04 yuan as commodity prices rebounded.
The People’s Bank of China injected 80 billion yuan into the system via 14-day reverse repurchase agreements yesterday.
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