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Coal counters power Shanghai stock index
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SHANGHAI stocks rose, with the benchmark Shanghai Composite Index up 0.31 percent to 2,339.14 points today. Coal companies jumped.
The coal industry got a strong boost as the government recently issued plans to limit coal import and cut domestic production.
The National Development and Reform Commission said it will push forward the plan to cut China’s coal production by an annualized 12 percent in the last quarter of the year.
Yunnan Yunwei Company rose the daily limit of 10 percent to 4.62 yuan (75 US cents), Shanxi Antai Group surged 9.91 percent to 3.55 yuan, while Sdic Xinji Energy gained 8.16 percent to 4.11 yuan.
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