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High-growth shares boost Shanghai index
Aggregated Source: Shanghai Daily: Business

SHANGHAI stocks snapped a three-day losing streak and closed higher today, boosted by emerging industries amid optimism over China's economic restructuring.

The benchmark Shanghai Composite Index rose 12.11 points, or 0.61 percent, to 2,004.76. Turnover was weak at 69.7 billion yuan (US$11.4 billion).

"There was a bullish mood over Chinese policies to promote reform and innovation, which would benefit growth shares," said Shenyin Wanguo Securities.

CITIC Securities said in a report today that China's latest move to scrap controls on loan rates help to boost market expectation over China's reform plan.

China has introduced a raft of measures over the past two weeks, including policies to promote the development of environmental protection industry, encourage information-related consumption and reduce administrative barriers for the media sector.

Environmental protection firms, media companies and IT firms were among the biggest gainers.

Beijing Capital Co, a company specializing in wastewater disposal, jumped 5.4 percent to 6.42 yuan. Tianjin Capital Environmental Protection Group Co surged 6 percent to 7.77 yuan.

Northern United Publishing & Media (Group) Co Ltd advanced 6.5 percent to 7.04 yuan. Zhe Jiang Daily Media Group Co rose 3.1 percent to 32.81 yuan.

Chengdu Dr.peng Telecom & Media Group Co surged by the daily limit of 10 percent 14.03 yuan. Fiberhome Telecommunication Technologies Co jumped 4 percent to 20.34 yuan.

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Copyright Shanghai Daily: Business