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Stocks maintain rise on small business support
By Ding Yining |
October 13, 2011, Thursday
|
Online Edition
Online Edition
THE Shanghai market continued yesterday's hike and closed higher in the morning session after the government pledged more financial support for cash-strapped small companies hurt by tight monetary policies.
The benchmark Shanghai Composite Index added 0.50 percent, or 12.19 points, to close at 2,432.19 points. Turnover was 50.3 billion yuan (US$7.9 billion). A total of 523 shares rose while 318 closed lower and 96 remained unchanged.
The State Council said yesterday it would provide financial support and preferential tax policies for small companies and require state-owned banks to lend more to cash-tight small companies.
Shares on the growth enterprise market surged. Guangdong Anjubao Digital Technology advanced the daily limit of 10 percent to 13.71 yuan. Hunan Tangel Publishing Co also hiked 10 percent to 16.64 yuan.
Metal producers also pushed up the index. Jiangxi Copper Co added 2.15 percent to 28.06 yuan. Zijin Mining Co rose 2.22 percent to 4.60 yuan.
Energy producers were weak after a new resource tax regulation that will charge higher tax on coking coal came into effect on Monday. Pingdingshan Tianan Coal Mining Co was down 0.71 percent to 14.07 yuan. Guizhou Panjiang Refined Coal lost 1.56 percent to 26.45 yuan.
The benchmark Shanghai Composite Index added 0.50 percent, or 12.19 points, to close at 2,432.19 points. Turnover was 50.3 billion yuan (US$7.9 billion). A total of 523 shares rose while 318 closed lower and 96 remained unchanged.
The State Council said yesterday it would provide financial support and preferential tax policies for small companies and require state-owned banks to lend more to cash-tight small companies.
Shares on the growth enterprise market surged. Guangdong Anjubao Digital Technology advanced the daily limit of 10 percent to 13.71 yuan. Hunan Tangel Publishing Co also hiked 10 percent to 16.64 yuan.
Metal producers also pushed up the index. Jiangxi Copper Co added 2.15 percent to 28.06 yuan. Zijin Mining Co rose 2.22 percent to 4.60 yuan.
Energy producers were weak after a new resource tax regulation that will charge higher tax on coking coal came into effect on Monday. Pingdingshan Tianan Coal Mining Co was down 0.71 percent to 14.07 yuan. Guizhou Panjiang Refined Coal lost 1.56 percent to 26.45 yuan.
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