Shares rise to highest level in 2 months
Print Edition
SHANGHAI stocks rose to the highest in two months yesterday, strongly boosted by energy and financial firms.
The Shanghai Stock Index rose 0.74 percent to 2,085.98 points.
President Xi Jinping said during a meeting of the central leading group on financial and economic affairs last Friday that China will phase out coal plants that fail to meet environmental standards, and also unveil new nuclear reactor projects on its east coast as soon as possible.
Wintime Energy Co surged 3.36 percent to 2.46 yuan (40 US cents). China National Nuclear Corp Sufa Technology Industry Co gained 1.34 percent to 19.73 yuan. Dongfang Electric Co added 2.24 percent 11.87 yuan.
Banks and brokerages also gained after China’s central bank extended a reserve requirement ratio cut to the Industrial Bank, China Minsheng Banking Corp and China Merchants Bank. The move eased concerns of a hard landing for the economy.
China Minsheng added 3.09 percent to 7.68 yuan, and China Merchants Bank rose 1.66 percent to 10.39 yuan. Guoyuan Securities rose 1.12 percent to 9.91 yuan.
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