Tech and media shares help index close up
Print Edition
SMALL-CAP technology and media companies surged yesterday to help Shanghai’s key share index close higher for the fifth straight day.
The Shanghai Composite Index rose 1.2 percent to end at 2,904.83 points.
Technology companies were the biggest gainers, with Hundsun Technologies surging by the daily limit of 10 percent to 47.10 yuan (US$7.27). Hanwang Technology jumped 5.41 percent to 22.60 yuan.
Beijing Bashi Media rose by the daily 10 percent limit to 12.63 yuan.
Investors were soothed by China’s plan to postpone a reform of the registration-based initial public offering system, Zhao Youqi, an analyst with Changjiang Securities, wrote in a note. They were also buoyed by signs the stock regulator is canceling the launch of a strategic emerging industries board under the Shanghai Stock Exchange. Both moves have eased concerns about a flood of new listings and boosted small-cap shares, Zhao said.
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