Shanghai shares up 0.42% on SOE reform expectations

By Ye Zhen | July 11, 2014, Friday |

Online Edition

Shanghai stocks rose today, lifted by state-owned enterprises, as investors hoped a new round of SOE reform will help them regain vitality.

The benchmark Shanghai Composite Index gained 0.42 percent, or 8.62 points, to 2,046.96. Daily turnover was 86.3 billion yuan (US$13.9 billion). The index shed 0.6 percent for the week.

The government will soon unveil a list of SOEs for a trial of ownership reform, China Securities Journal reported, citing an unnamed source familiar with the matter.

The list will be released as early as next Tuesday in a fresh move to diversify the ownership of SOEs and sharpen corporate governance, said the report.

The Shanghai government said earlier this week that the city’s SOEs will adopt mixed ownership in three to five year.

Anhui Jianghuai Automobile jumped by the daily limit of 10 percent to 11.22 yuan after the state-owned automaker announced that it plans to take over its parent company JAC Group.

Gold shares were strong after gold prices rose to a four-month high on expectations that the Federal Reserve will keep interest rates at record lows.

Zhongjin Gold increased 1.2 percent to 7.67 yuan. Shandong Gold Mining Co added 1.5 percent to 15.88 yuan.

Business Finance Special

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Shanghai shares up 0.42% on SOE reform expectations

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