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April 3rd, 2009

China Shipping Container Lines Co. rose the most in six months and Shanghai International Port surged after the central government approved a Shanghai sea-cargo stimulus plan.

China Shipping Container, the nation’s second-biggest cargo-box carrier, jumped 10% in Shanghai, its hometown.

Shanghai Port, operator of the city’s harbor, also climbed by the 10 % daily trading limit.

China’s State Council approved moves designed to boost trade in Shanghai, including tax cuts for exporters, according to a statement on the central government’s Web site. Shanghai, home to the world’s second-busiest container harbor, drew up the plans after 2008 cargo-box traffic grew at the slowest pace in almost 20 years.

A somewhat cynical views was that mainland-listed ’shares always rise whenever the government announces a new stimulus plan,’ said Jack Xu, a Sinopac Securities Asia Ltd. analyst in Shanghai.


 
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