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Mainland stock exchanges up on Premier's press conference

2014-03-14 08:07 Global Times Web Editor: qindexing
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Stock markets in the Chinese mainland gained on Thursday despite weak economic data.

The benchmark Shanghai Composite Index rose by 21.42 points or 1.07 percent to 2,019.11 points on Thursday. The Shenzhen Component Index also ended higher, rising 102.27 points or 1.42 percent to 7,319.29 points.

Combined turnover on the two bourses on Thursday was 173.61 billion yuan ($28.29 billion), down from Wednesday's 187.10 billion yuan.

Investors shrugged off disappointing economic data released on Thursday and bought shares in banks, liquor makers and electric power companies.

China's industrial output, urban investment and retail sales hit multi-year lows in the first two months of the year, according to data released Thursday by the nation's statistics bureau.

The China Securities Regulatory Commission (CSRC) is ready to launch a pilot program for preferred shares, according to media reports on Wednesday. The first shares to be trialed will be shares in Chinese banks, Reuters reported, citing three sources with direct knowledge of the matter.

Preferred shares are seen as a way to help companies solve fundraising issues.

Boosted by the news, the banking sector rose by 1.27 percent Thursday.

Agricultural Bank of China rose by 3.06 percent to 2.36 yuan on Thursday, while Shanghai Pudong Development Bank Co gained by 3.27 percent to 8.84 yuan.

Index compiler MSCI said Wednesday that it is considering including the mainland's A shares in its emerging market index from May 2015. Market watchers believe the move could boost capital inflows to mainland stock exchanges.

Liquor makers were the biggest gainers on Thursday, rising nearly 5 percent.

Five stocks including Sichuan- Swellfun Co surged by the daily limit of 10 percent. High-end liquor maker Kweichow Moutai Co rose by 4.01 percent to 164.88 yuan.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, saw a strong gain of 37.59 points or 2.69 percent on Thursday.

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