Latest News:  


Shanghai index hikes 2%, led by aircraft, ship makers

By Hu Xiaocen (Shanghai Daily)

08:20, January 15, 2013

SHANGHAI stocks surged this morning, led by aircraft makers, shipbuilders and financials. The key Shanghai Composite Index jumped 2.06 percent to 2,289.23 points, the highest in almost seven months. The turnover was 58.8 billion yuan (US$9.4 billion) by the noon break.

Aircraft and ship manufacturers led the rally after the official China Securities Journal reported today that the central government plans to give more support to aircraft and shipbuilding industries.

Hafei Aviation Industry Co, a manufacturer of aerospace products, jumped 6 percent to 20.46 yuan. China Spacesat Co, a Beijing-based satellite application maker, soared 7.4 percent to 15.16 yuan.

China CSSC Holdings, the listed arm of the nation's biggest shipbuilder, rose 2.8 percent to 23.97 yuan. CSSC Jiangnan Heavy Industry Co, a Shanghai-based ship parts maker, climbed 4.8 percent to 14.97 yuan.

The People's Bank of China, the central bank, reiterated its prudent policies after an annual conference, putting an emphasis on balancing growth and inflation.

"We believe this means 50 bps in rate hikes in the second half due to faster inflation, and expect more yuan upside," Dariusz Kowalczyk, senior economist at Credit Agricole in Hong Kong said in a research note today. "The central bank also highlighted plans for financial market reforms, including developing the bond market, capital account convertibility, and expanding cross-boarder use of yuan."

The Bank of China, the nation's biggest foreign exchange bank, gained 1 percent to 2.96 yuan. ICBC, the world's biggest lender by assets, advanced 1.4 percent to 4.26 yuan. Shanghai Pudong Development Bank jumped 4.7 percent to 10.28 yuan.

We recommend:

KFC apologizes for unqualified chicken supply

Li Ka-shing named Hong Kong's richest again

1st individual user of grid-connected PV power

Price cut for 20 types of drugs

Top Ten Economic Events in 2012

Demand for gold rises with diversify reserve holdings


Leave your comment0 comments

  1. Name


Selections for you

  1. Chengdu MAC conducts actual-combat drill

  2. Winter training in snow forest

  3. Parade of 1,000 Polleras held

  4. Life is an education

  5. Dense fog hits E,C China

  6. 5 died, 19 injured in traffic accident

  7. 1st individual user of grid-connected PV power

  8. Beautiful night scenery of Harbin

  9. Predicting a baby's gender

  10. Japanese crazy for blood types

Most Popular


  1. Philippines moves in wrong direction
  2. Drinking water safety is not a simple problem
  3. Japan's envisaged 'warning shots' dangerous
  4. When Chinese wives meet American mothers-in-law
  5. Will you leave a city because of cold?
  6. Labor system reform renders salute to Constitution
  7. China's yuan unlikely to appreciate sharply in 2013
  8. Good times gone?
  9. Salaries stifled amid sluggish exports
  10. China to surpass U.S. by 2049: report

What’s happening in China

China's social trust index declined further last year, according to the Annual Report on Social Mentality of China 2012

  1. China's social trust index declines further
  2. Scientists decode diamondback moth genome
  3. Former official arrested over property ownership
  4. Official suspended after coal mine accident
  5. Vegetable prices on the rise in Jan