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Xi’s words on IT inspire shares
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SHANGHAI stocks yesterday rose for a third straight day as information technology shares gained after President Xi Jinping stressed that Internet security and informatization are a “major strategic issue.”
The Shanghai Composite Index gained 0.44 percent, or 8.95 points, to 2,056.3. The index lost 2.7 percent for the week but added 1.1 percent for last month.
“Internet security and informatization are a major strategic issue that concerns national security and development as well as people’s lives and work,” Xi said during the first meeting of the leading group on Internet security and informatization.
“Efforts should be made to develop China into a cyber power,” Xi added.
Xi leads the group with Premier Li Keqiang and Liu Yunshan, a Politburo Standing Committee member, as deputy heads.
“The establishment of the group can be seen as a signal that the government has boosted the role of information economy as part of the national strategy,” CITIC Securities said in a note yesterday.
“The meeting fueled enthusiasm over related sectors. There are hopes that investment in information-based infrastructure construction will increase and supportive policies will follow.”
Shanghai Potevio Co, a maker of communication devices, rose by the daily limit of 10 percent to 13.26 yuan (US$2.16). Eastern Communications Co jumped 8.2 percent to 8.46 yuan.
Gold stocks gained on doubts about the US economy and Ukraine tensions. Shandong Gold Mining Co added 5 percent to 18.85 yuan. Zhongjin Gold Corp rose 1.8 percent to end at 8.66 yuan.
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