Most stocks rise as Shang­hai shares gain on re­struc­tur­ing

China Daily (Hong Kong) - - BUSINESS DIGEST -

Most Chi­nese stocks rose as Shang­haibased com­pa­nies ral­lied on spec­u­la­tion the lo­cal govern­ment is speed­ing up State-owned en­ter­prise re­form to boost prof­itabil­ity. Bench­mark in­dexes were lit­tle changed as in­vestors waited for the out­come of a pol­icy con­fer­ence. Shang­hai Lan­sheng Corp surged 10 per­cent af­ter the govern­ment ap­proved its re­struc­tur­ing plan and Gold­man Sachs Group Inc said SOE re­form may re­v­erse the Chi­nese stock mar­ket’s un­der­per­for­mance. About 11 stocks rose for ev­ery 10 that fell on the Shang­hai Com­pos­ite, which dropped 0.1 per­cent to 2,202.80 at the close. The Hang Seng China En­ter­prises In­dex slid 1 per­cent. The govern­ment may cut its 2014 eco­nomic growth tar­get to 7 per­cent from 7.5 per­cent at its an­nual cen­tral eco­nomic work con­fer­ence, the Eco­nomic In­for­ma­tion Daily said on Dec 4.

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