Shanghai index climbs 3 percent

By Pan Xiaoyi  |   2008-11-5  |     ONLINE EDITION

SHANGHAI’S key stock index gained more than 3 percent today driven by the financial and construction sectors.

Almost all sectors gained after the Ministry of Transport reportedly was working on a 5 trillion yuan investment plan in the next three to five years in a move to boost domestic consumption.

The Shanghai Composite Index advanced 3.16 percent, or 53.91 points, to 1,760.61 points, after reaching an intraday high of 1,788.26.

Gainers outnumbered losers 853 to 24 while 2 remained unchanged. Turnover in the local market rose to 38.8 billion yuan (US$5.71 billion), compared with 24.41 billion yuan yesterday.

The Shenzhen Composite Index, which tracks the smaller domestic market, was up 3.04 percent, or 13.88 points, to 470.86 points.

The State Council approved a rail investment plan from the Ministry of Railways worth 2 trillion yuan last month. The plan will involve the construction of roads, waterways, harbors and quays.

Analysts believed it will help boost employment and consumption. Cement and construction sectors soared today.

Anhui Conch Cement Company Ltd led the gains of cement producers by jumping 10 percent to 18.37 yuan.

China Merchants Bank Co, the nation's biggest dual-currency credit-card issuer, advanced 9.57 percent to close at 12.71 yuan. Industrial and Commercial Bank of China, the nation’s largest lender, climbed 0.81 percent to 3.72 yuan while Pudong Development Bank advanced 6.16 percent to 12.76 yuan.