Markets rise on first day of trading
6 January 2009
China shares rose on the first day of trading in the new year after government officials said additional steps would be taken to boost economic growth, AP reported. The benchmark Shanghai Composite Index rose by 3.3% to close at 1880.72 points. Speaking to exporters over the weekend, Premier Wen Jiabao said the government would enact new measures - on top of a massive stimulus plan announced in November - to aid the auto and steel industries. Mining stocks rose as commodity prices rebounded. Aluminum Corp of China jumped 6.3% while Baoshan Iron & Steel, China's largest steel maker, rose by 7.54%. Telecom shares also received a boost after the government said licenses for third generation (3G) mobile technology would be issued before the Lunar New Year. Telecom equipment maker ZTE saw its shares rise by 2.5% while Hisense Group posted a 6.3% increase.
