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November 11, 2016

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Home » Business » Finance

Transport firms drive shares to close up

SHANGHAI stocks rebounded yesterday with growth led by transport firms which were buoyed by rising demand for coal in north China.

The Shanghai Composite Index gained 1.37 percent to end at 3,171.28 points, hitting a 10-month high.

Hainan Haiqi Transportation Group Co surged by the daily limit of 10 percent to 24.49 yuan (US$3.60), while Jiangxi Changyun Co, a state-owned commodity transport firm, added 5.82 percent to 15.45 yuan.

The rally followed soaring demand for coal from north China for heating. A report by China Railway Corp said 170 million tons of coal were carried on railways last month, 6.6 percent higher from a year ago. Trains were said to carry 10.2 percent more coal year on year in the past week.

Other Asian markets recovered from Wednesday’s dive. Japan’s Nikkei stock index jumped 6.38 percent, and South Korea’s Kospi gained 2.26 percent.


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