Blue chips help index edge up
Print Edition
SHANGHAI stocks edged up yesterday as blue chips gained on hopes of benefiting from the cross-border equity trading pilot program agreed between the Hong Kong and Shanghai markets.
The Shanghai Composite Index added 0.05 percent to end at 2,131.54 points.
“The cross-trading program announced last week as well as the earlier disclosure that the issue of preferred shares is allowed are helping blue chips,” China Investment Securities said in a note.
The China Securities Regulatory Commission said last week that it would trial cross-border trading in Hong Kong and Shanghai shares as the regulator continues to further liberalize its capital market.
The program will first be open to companies that are dual listed on the two exchanges as well as blue chips.
China Petroleum and Chemical Corp gained 2.3 percent to 5.44 yuan (87 US cents). Rising Nonferrous Metals Share Co rose 1.6 percent to 36.29 yuan, and Yang Quan Coal Industry (Group) Co added 0.5 percent to finish at 6.17 yuan.
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