News about consumption boosts share prices

Hu Yumo
Shanghai stocks rise on Thursday after the State Council said that China would be introducing new measures to boost consumption in commodities and other key sectors.
Hu Yumo

Shanghai stocks rose on Thursday, led by consumer and tourism firms.

The benchmark Shanghai Composite Index gained 0.47 percent to 3,363.09 points. The smaller Shenzhen Component Index jumped 0.87 percent to finish at 13,777.45 points.

Combined turnover on the two bourses came to 774.3 billion yuan (US$117.5 billion), compared with 821.7 billion yuan in the previous session.

Market sentiment improved after the news that China will introduce new measures to boost consumption in commodities and other key sectors, and tap rural consumption potential, according to the State Council.

Local authorities are being encouraged to finetune restrictive measures regarding car purchases and raise the ceiling of license plate quotas.

A total of 49 listed firms posted gains of more than 9 percent, while 12 declined by over 9 percent.

Guotai Junan Securities suggested investors pay attention to industries such as new-energy vehicles, home appliances, photovoltaics and securities.

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