Tech counters lead index up
By Ye Zhen |
May 22, 2013, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a fifth straight day, led by technology counters, as investors were betting on the prospects for emerging industries as China promotes economic transformation.
The Shanghai Composite Index added 0.22 percent to 2,305.11 points, the highest close since March 25.
"Investors are betting on the outlook for emerging industries as China pushes forward economic transformation toward more innovation," said Soochow Securities.
Last week, Chinese Premier Li Keqiang called for less political power in the economy and let market forces play a bigger role in resource allocation.
Tsinghua Tongfang Co gained 6.2 percent to 8.19 yuan (US$). Aisino Co, a producer of computer system applications, rose 3.5 percent to 15.17 yuan.
Media firms rose on a Tebon Securities' report that robust earnings will boost their market valuation.
Jiangsu Phoenix Publishing and Media Corp gained 5.4 percent to 8.95 yuan. Jishi Media Co added 5.6 percent to close at 7.59 yuan.
The Shanghai Composite Index added 0.22 percent to 2,305.11 points, the highest close since March 25.
"Investors are betting on the outlook for emerging industries as China pushes forward economic transformation toward more innovation," said Soochow Securities.
Last week, Chinese Premier Li Keqiang called for less political power in the economy and let market forces play a bigger role in resource allocation.
Tsinghua Tongfang Co gained 6.2 percent to 8.19 yuan (US$). Aisino Co, a producer of computer system applications, rose 3.5 percent to 15.17 yuan.
Media firms rose on a Tebon Securities' report that robust earnings will boost their market valuation.
Jiangsu Phoenix Publishing and Media Corp gained 5.4 percent to 8.95 yuan. Jishi Media Co added 5.6 percent to close at 7.59 yuan.
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