Markets gain on rural sector pledge

Source: Xinhua | 2019-02-21

China’s A-share markets closed higher yesterday, a day after the central government vowed measures to boost the rural economy.

The benchmark Shanghai Composite Index advanced slightly by 0.2 percent, or 5.57 points, to finish at 2,761.22, after going through ups and downs throughout the day’s trading.

Agriculture-related companies led the rises, with shares of Shandong Yisheng Livestock & Poultry Breeding Co Ltd hitting the daily 10 percent cap on price rises to stand at 26.03 yuan (US$3.86) per share.

The smaller Shenzhen Composite Index advanced 0.39 percent to end at 8,473.43 points, while the ChiNext Index, China’s Nasdaq-style board of growth enterprises, was up 0.17 percent to finish at 1,408.38 points.

The gains came after the central government pledged on Tuesday to endeavor to fulfill “quite a few tough tasks” in the fields relating to agriculture, rural areas and rural people during the decisive period for completing the construction of a moderately prosperous society in all respects.

And the move greatly buoyed investors’ sentiment during the trading sessions. The stock rally was also boosted by strong gains for the yuan.