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2nd LD-Writethru-China Focus: China shares hit 67-month high

Xinhua, March 16, 2015 Adjust font size:

Chinese shares rose to the highest level in five and a half years on Monday after Premier Li Keqiang said China could turn to policy tools to aid economic growth.

The benchmark Shanghai Composite Index opened higher in the morning and rallied 2.26 percent to finish at a 67-month high of 3,449.30 points. The Shenzhen Component Index went up 2.60 percent to close at 12,017.77 points.

More than 100 shares on the two bourses soared by the daily limit of 10 percent, while only 19 shares declined. Combined turnover on the two markets expanded to 912 billion yuan (148 billion U.S. dollars).

Li said at a press conference after the conclusion of China's annual parliamentary session on Sunday that the government still has policy tools at its disposal to bolster growth despite a slight economic slowdown.

Financial shares were strong. New China Life Insurance closed up 8.09 percent, Huatai Securities rose 4.52 percent, and Ping An Bank moved up 2.80 percent.

Logistics firms performed exceptionally after Li provided words of support to online businesses at Sunday's press conference. "I am willing to promote new businesses including online shopping, express delivery and e-commerce. They have given a strong boost to employment and consumption in our country," he said.

Jiangsu Xinning Modern Logistics, Sinotrans Air Transportation Development and another two logistics companies jumped by the daily limit of 10 percent.

Sports shares also advanced as plans to reform the football industry were officially unveiled. Jiangsu Sainty Corp. rose by the daily limit of 10 percent, and Guirenniao, a sportswear company, soared by 9.9 percent.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 3.56 percent to end at a new high of 2,142.67 points.

Internet-related shares on the ChiNext Board were strong as the "Internet Plus" action plan was unveiled in the government work report that Li delivered to national lawmakers on March 5.

The plan aims to integrate mobile Internet, cloud computing, big data and the Internet of Things with modern manufacturing, to encourage the healthy development of e-commerce, industrial networks, and Internet banking, and to help Chinese Internet companies increase their international presence. Endi