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Traditional industries lift stocks
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SHANGHAI stocks, on a roll for three days, hit a nearly 11-month high yesterday, driven by traditional industries.
The Shanghai Composite Index gained 0.46 percent to 3,277 points, the highest close since January 6.
Morgan Stanley predicted “the bull market is coming to the (Chinese) mainland,” bolstered by the recovering economy.
Xun Yugen, chief analyst at Haitong Securities, said the stock market recovery was led by traditional industries.
Xun forecast that next year traditional industries would turn a profit of 20-25 percent higher than this year and end a five-year slowdown.
Shipping industry benefited from a bout of rebound. The Baltic Dry Index, a barometer of the global shipping activity, surged 41 percent since November 1, signaling a short-term boom as commodity trading between China and the global market was heating up.
COSCO Shipping Holdings Co gained 2.59 percent to 5.94 yuan (86 US cents).
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