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Stocks reach highest level in more than 15 months

By Hu Xiaocen | September 4, 2014, Thursday | Online Edition

SHANGHAI stocks gained for the fifth consecutive day as the State Council announced new guidelines to restructure the shipping and sports industries.

The Shanghai Composite index rose 0.8 percent to 2,306.86 points today, reaching its highest level since May 31, 2013. The market was led by shipping companies and property developers.

Shipping companies rallied for the second straight day after the State Council said it would improve the country’s global maritime network, help upgrade shipping companies and enhance the international competitiveness of the industry.

China COSCO Holdings Co, the country’s largest shipping group, rose 1.1 percent to 3.57 yuan (US 58 cents). China Shipping Container Lines Co jumped 2 percent to 2.99 yuan. Ningbo Marine Co soared 4 percent to 4.38 yuan. China Shipping Development Co gained 0.2 percent to 5.61 yuan.

The State Council also said it would accelerate the development of the sports industry and promote public fitness. It will also relax existing restrictions on the broadcast rights of sports events and tournaments.

Jiangsu Sainty Corp, owner of Jiangsu Sainty Football Club, soared the 10 percent daily limit to 6.99 yuan. China Sports Industry Group Co surged 9.2 percent to 13.2 yuan.

Property developers jumped an average of 1.3 percent after media reports said financial regulators would allow them to issue mid-term notes in the interbank market to replenish liquidity.

Poly Real Estate Group Co, the second-biggest developer in the country, gained 1 percent to 5.91 yuan. Shanghai Xinmei Real Estate Co jumped 3 percent to close at 6.59 yuan.

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