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October 12, 2016

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Shares rise to highest in 1 month

SHANGHAI shares yesterday rose to their highest in one month as investors were hopeful that the Chinese government’s plan to cut massive corporate debt would result in mergers and restructuring among listed state-owned companies that would lift their share price.

The Shanghai Composite Index added 0.56 percent to 3,065.25 points.

China Shipbuilding Industry Co gained 5.05 percent to 6.66 yuan (99 US cents) and CSSC Offshore & Marine Engineering (Group) Co jumped 7.41 percent to 29.42 yuan as investors welcomed the measures, such as promoting mergers and acquisitions, debt-to-equity swaps and debt securitization, to cut rising corporate debt.


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