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Brokerage plans lead to 5th straight gain
11/1/2006 10:10

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.