Leo Zhang/Shanghai Daily news
Shares in Shanghai rose for a fifth straight day yesterday led by blue chips
on news authorities are considering a myriad of plans to bolster brokerages and
listed companies.
The Shanghai Composite Index, which groups yuan-denominated
Class A shares and hard-currency Class B stock, was up 0.41 percent at
1,220.62.
The A share index edged up 0.39 percent to 1,281.43 while the B
share index jumped 1.70 percent to 70.76.
"Optimism has boosted the market
since the start of the year as investors are thinking to buy after a five-year
slump," said Liu Yu, an Orient Securities Co trader. "The bourse has short-term
downside pressure later this week."
China's securities regulator is drafting
more than 40 sets of rules as part of moves to place more market orders and
protect minority investors, the Shanghai Securities News said yesterday, without
citing a source.
Elsewhere, China may set up a new state-asset company to
take charge of revamping government-owned enterprises, attracting overseas
strategic investors and disposing of bad assets, the China Securities Journal
reported, citing unnamed sources.
The move was aimed at boosting controls of
government assets and optimizing share structures of public firms, the newspaper
said.
Jiangxi Copper Co, the country's biggest producer of the metal,
advanced 3.75 percent to 5.81 yuan (72 US cents).
China Petroleum &
Chemical Corp, Asia's largest oil refiner, was up 0.85 percent at 4.73
yuan.