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Investment pledge sends rail stocks up

By Yu Xi (Global Times)

08:21, July 18, 2012

The Shanghai and Shenzhen stock markets registered slight increases Tuesday mainly due to strong gains in banking and real estate stocks.

The Shanghai Composite Index edged up 13.23 points, or 0.62 percent, to close at 2,161.19; while the Shenzhen Component Index advanced 19.14 points, or 0.20 percent, to end at 9,560.03.

Both indices opened lower Tuesday due to overnight contractions in US and European markets. The Shanghai Composite Index declined to an intra-day low of 2,141.48 point mark in the morning session. An afternoon rally in the heavily weighted securities, real estate, banking, automobile, cement and coal sectors helped the index finish the day in positive territory.

The Anhui Development and Reform Commission disclosed that the Ministry of Railways would invest 37 billion yuan ($5.81 billion) more in railway infrastructure construction this year in order to boost the rail industry, according to a report by the National Business Daily Tuesday.

This news helped Shanghai-listed China Railway Group tack on 2.34 percent to 2.62 yuan. China Railway Construction advanced 3.10 percent to 4.65 yuan.

The first RMB qualified foreign institutional investor (RQFII) A-share exchange traded fund (ETF), the ChinaAMC CSI 300 Index ETF, started trading at the Hong Kong stock exchange Tuesday, and could inject nearly 5 billion yuan into the domestic markets, according to the Shanghai Securities News Tuesday.

Positive reports about the ETF and hopes that the government would soon roll out favorable policies to spur economic growth helped lift market sentiment Tuesday, say analysts.

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