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Stocks gain most in two weeks on good news
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SHANGHAI stocks gained the most in two weeks thanks to gains among free trade zone-related shares, while brokerages jumped after the Shanghai Stock Exchange said it may allow day trading.
The key Shanghai Composite Index jumped 1.9 percent, the biggest daily rise since August 12, to 2,096.47 points. Turnover was 99.2 billion yuan (US$16.3 billion) by the trading close.
“The market rebound was stimulated by a slew of good news including the recent approval of a pilot free trade zone in Shanghai, but the underlying driver was increasing optimism over the economic outlook,” said Zhang Guojiang, an analyst with Sinolink Securities.
“China’s economy has showed clear positive signs of stabilization and positive changes while the external environment has also improved,” Sheng Laiyun, spokesman at the National Bureau of Statistics said in a media conference this morning.
China is capable of fulfilling the annual economic growth target of 7.5 percent this year, Sheng said.
HSBC flash Purchasing Manager’s Index released last week signaled China’s manufacturing sector may have rebounded to a four-month high in August and returned to expansionary territory after contracting for three consecutive months.
Strength in trade and logistics firms led the market up after the central government last week officially gave the green light to set up a pilot free trade zone in Shanghai.
Shanghai Material Trading Co surged by the daily limit of 10 percent to 9.91 yuan. Orient International Enterprise also leapt 10 percent to 8.87 yuan. Shanghai International Port (Group) Co jumped 10 percent to 3.09 yuan.
Brokerages gained among financial counters after the Shanghai Stock Exchange yesterday said it would consider allowing day trading in a bid to mitigate risks for investors in case of erroneous trading.
Investors in China cannot sell a stock bought on the same day but have to wait until at least the next trading day.
Wang Jianming, analyst with the Capital Securities, said day trading would help to boost market vitality and thus benefit the brokerages.
Haitong Securities gained 8.1 percent to 11.35 yuan. CITIC Securities, China’s biggest listed brokerage, rose 5.3 percent to 11.06 yuan. Everbright Securities added 4.2 percent to 10.25 yuan.
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