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Shipping counters bolster Shanghai stock index
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SHANGHAI stocks rose today for the fifth consecutive trading day, as policies to upgrade the shipping industry benefited sea transport companies and ship manufacturers. The Shanghai Composite Index gained 0.41 percent to 2,430.03 points.
The Ministry of Transport announced on Friday that China will continue to raise the level of openness in maritime shipping by consolidating the lead role of companies in the market. The government will also push forward the upgrading of ocean shipping.
The new plans aim to establish a team of ships with a reasonable scale and advanced technique, as well as to speed up the construction of modern porting systems. The government will also promote branding campaigns among shipping companies and the related logistics sector.
China Shipping Haisheng surged by the daily limit of 10 percent to 5.14 yuan (84 US cents), while China COSCO Holdings and Guangzhou Shipyard International both rose 9.98 percent to 4.52 yuan and 18.84 yuan, respectively.
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