Possible
textile
talks lift
market
1/6/2005 9:55
Shanghai Daily news
Shanghai shares edged slightly
up yesterday led by textile companies after a minister said China may resort to
the World Trade Organization to solve a trade dispute with Western
countries.
Blue chips paced the uptrend after the government urged large-cap
enterprises to participate in a program to dispose of state-owned non-tradable
shares.
¡°The talks cheered up textile makers as it signalled the government
has been stepping up efforts to protect interests of domestic enterprises,¡± said
Wang Shiyu, a trader with CITIC Securities Co.
The Shanghai Composite Index,
which covers yuan-denominated A shares and foreign-currency B shares, added 0.05
percent to 1,060.74. The A-share Index grew 0.05 percent to 1,113.29 and the
B-share Index rose 0.48 percent to 67.19.
Commerce Minister Bo Xilai said on
Monday afternoon the government has the right to take the textiles row to the
disputes settlement body of the WTO if the United States and the European Union
continue to impose quotas on Chinese exports.
Shanghai Shenda Co, a textile
producer in the city, advanced 2.01 percent to 4.06 yuan (48.91 US cents).
Shanghai Minfeng (Group) Holding Co, another local textile company, rose
5.17 percent to 3.05 yuan.
Baoshan Iron & Steel Co, the listed unit of
China¡¯s biggest steelmaker, added 1.48 percent to 4.80 yuan.
|
