Shares rise on energy revamp vow
Print Edition
SHANGHAI stocks rose yesterday as investors were assured by government pledges of structural reform for energy producers.
The Shanghai Composite Index closed 1.25 percent higher at 2,916.56 points. For the week, the gauge lost 4.23 percent.
Investor sentiment was buoyed by news that the government will provide 100 billion yuan (US$15.2 billion) a year to trim outdated and excessive capacity in the coal and steel industries, the Economic Information Daily reported yesterday.
Premier Li Keqiang called for supply-side reforms and industry restructuring as well as faster development of new economic drivers, the State Council said in a statement.
Anyuan Coal Industry Group Co rose 6.87 percent to 5.29 yuan. Xining Special Steel advanced 6.63 percent to finish at 5.63 yuan.
The resumption of initial public offerings was set to boost brokerages’ earnings. Everbright Securities rose 3.02 percent to 18.09 yuan.
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