Shares rise on strong retail outlook

Shanghai shares closed up on Tuesday after the Ministry of Commerce said retail sales this year would continue growing at a steady and relatively fast pace.

The Shanghai Composite Index rose 0.68 percent to close at 2,671.89 points, led by agriculture service providers, chemical enterprises and pharmaceutical companies.

The market was buoyed by Commerce Ministry official Wang Bin's comments to reporters in Beijing that the country has released a series of measures to sustain retail sales growth in 2019.

An action plan released in late January set out a strategy by 10 government agencies to increase domestic consumption. The measures cover sectors such as automobiles, home appliances, the 5G high-speed mobile network and urban properties, as well as improving the environment for consumption.

Wang said that the action plan will play an important role in maintaining the good momentum of consumption this year.

Shares of pharmaceutical companies rose after premier Li Keqiang vowed policy support, including value-added tax breaks, for the prevention and treatment of cancers and rare diseases.

Nanjing King-friend Biochemical Pharmaceutical Co Ltd surged by the daily limit of 10 percent to 21.63 yuan (US$3.19) and Zhongzhu Healthcare Holding Co Ltd added 7.62 percent to 2.26 yuan.