Shipping stocks rise on cabinet guidelines

PUBLISHED : Wednesday, 03 September, 2014, 2:48pm
UPDATED : Wednesday, 03 September, 2014, 2:48pm

Shipping stocks jumped after Beijing issued a new set of guidelines to speed up restructuring of the industry.

The State Council said on Wednesday that there were seven key areas the country’s shipping industry should follow to become a globally competitive player.

Improving existing routes and developing modern shipping are among the key messages of a cabinet document.

At midday on Wednesday, shares of China International Marine Containers (Group) gained 6.3 per cent to HK$18 while China Shipping Container Lines added 2.2 per cent to HK$2.34 and China Cosco advanced 1.7 per cent to HK$3.49.

The benchmark Hang Seng Index rose 1.9 per cent.