Support for sectors assures investors
Print Edition
SHANGHAI stocks yesterday rose for a third straight trading day as investors were lifted by central government support for several sectors.
The Shanghai Composite Index gained 0.59 percent to 3,343.34 points.
The military sector performed strongly as the central government has been instituting reforms to improve its financial structure. Analysts also expect a 13 percent jump in China’s military spending for 2015.
Shanghai Aerospace Automobile Electromechanical, Avicopter Plc and North Navigation Control Technology all surged by the 10 percent daily limit to 10.32 yuan (US$1.66), 44.35 yuan and 27.34 yuan.
The China Iron and Steel Association and the Ministry of Industry and Information Technology have met to discuss overcapacity issues and new regulations. The two parties agreed to stimulate steel exports via the “One Belt, One Road” project, which was proposed by President Xi Jinping to strengthen China’s economic bonds with other countries.
Inner Mongolia Baotou Steel Union surged 6.01 percent to 4.41 yuan, and Nanjing Iron and Steel advanced 4.93 percent to 3.62 yuan.
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