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Shipyards give a lift to index
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Shanghai stocks eked out gains yesterday, led by shipbuilders after the central government unveiled new standards to regulate and upgrade the shipbuilding industry.
The Shanghai Composite Index added 0.6 percent to 2,100.51 points.
On Wednesday, the Ministry of Industry and Information Technology issued new requirements that cover shipyards, equipment, technology and quality control. The ministry said the new standards are designed to reduce overcapacity, accelerate restructuring and promote industrial upgrading.
CSSC Jiangnan Heavy Industry Co climbed 5.3 percent to 12.17 yuan (US$2). China CSSC Holdings Ltd added 6.4 percent to close at 18.70 yuan and Guangzhou Shipyard International Co jumped by the daily limit of 10 percent to settle at 13.60 yuan.
Lenders fell after the seven-day repurchase rate, a gauge of available funds in the money market, rose 56 basis points to 4.3 percent after the People’s Bank of China refrained from injecting liquidity yesterday for the second week.
Shanghai Pudong Development Bank lost 1.6 percent to 9.49 yuan. The Industrial Bank fell 2.5 percent to 10.64 yuan.
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