Shanghai firms rally on facelift

SHANGHAI: Most of the Shanghai-based companies that were traded on the mainland bourses surged yesterday after the central government cleared a plan to develop the city as a major international financial and shipping center by 2020.

Only one out of the 128 shares in the Shanghai concept sector closed lower in yesterday's sessions, with nine shares soaring to their daily limits in heavy trading. The combined turnover of the shares of all Shanghai-based companies jumped 37 percent from Wednesday to 23.2 billion yuan.

Shanghai International Port Group (SIPG), the country's largest port operator, surged to its daily limit of 10.02 percent after the morning session started, and its turnover almost doubled from the day before to 721 million yesterday.