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Stock exchanges rally as reform plans boost confidence

2013-11-18 08:07 Global Times Web Editor: qindexing
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Stocks in the Chinese mainland ended the week with gains on Friday as news of further reforms boosted investors' confidence.

The benchmark Shanghai Composite Index jumped 35.32 points or 1.68 percent to close at 2,135.83 points on Friday, ending the week 29.7 points or 1.41 percent higher than the previous Friday.

The Shenzhen Component Index also rose by 149.37 points or 1.83 percent to 8,305.91 points, gaining 150.51 points or 1.85 percent from November 8.

Combined turnover on the two bourses on Friday was 232.4 billion yuan ($38.24 billion), jumping from Thursday's 158.6 billion yuan.

Investors' confidence was boosted by the release of a document Friday detailing economic reform plans. State-owned companies will be required to pay bigger dividends and private firms will play a bigger role in the economy, according to the document issued by the official Xinhua News Agency.

A total of 44 stocks on the two bourses gained by the daily limit of 10 percent, while shares in 134 companies rose at least 5 percent on Friday.

Friday's rally also coincided with the release of data for China's total power consumption, which rose 9.6 percent year-on-year in October, with industrial power consumption up 7.2 percent from September, according to the National Energy Administration.

During the week, national security-related stocks were the biggest gainers.

A communiqué published after the conclusion Tuesday of the Third Plenary Session of the 18th Communist Party of China Central Committee revealed that the country will set up a State Security Committee.

Information security firm Bluedon Information Security Tech Co and security products manufacturer Shenzhen Infinova Ltd both soared by the daily limit of 10 percent for a third consecutive day on Friday.

Shanghai-based companies were also boosted as investors expect that State-owned companies in Shanghai will benefit from the reforms.

Shanghai Join Buy Co, engaged in the commodity retailing business, rose by the limit of 10 percent to 6.99 yuan, while food processing and distribution firm Shanghai Maling Aquarius Co also rose by 10 percent to 9.98 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, saw a gain of 19.39 points or 1.55 percent to 1,269.05 points at the close on Friday, a jump of 57.94 points or 4.78 percent from the previous Friday.

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