Blue chips help push stocks up 2.4%
Print Edition
SHANGHAI stocks made their biggest daily gain in more than four months yesterday, sending the key index to its highest level this year, as blue-chip shares soared amid optimism about economic growth.
The Shanghai Composite Index rose 2.4 percent, its biggest jump since March 21, to settle at 2,177.95 points.
The market was driven by enthusiasm over the impending program to allow mutual access between the Shanghai and Hong Kong stock exchanges, which is expected to give a boost to blue chips.
“Positive factors, including a warming economy and the plan to connect the Shanghai and Hong Kong markets ignited interest in blue-chips, which have been undervalued,” Haitong Securities said in a note.
Data released on Sunday by the National Bureau of Statistics showed that profit at China’s largest industrial enterprises rose 17.9 percent in June, accelerating from 8.9 percent in May. The rosy data provided more evidence of a rebound in the world’s second-largest economy, following figures from HSBC last week showing the manufacturing sector might have expanded at its fastest pace in 18 months.
National Business Daily reported yesterday that Shanghai-Hong Kong Stock Connect will launch on October 13. Hong Kong investors will be able to trade shares of 560 Shanghai-listed blue-chip companies. But a spokesperson for the Hong Kong stock exchange said it has yet to be decided when the program will start.
China Merchants Securities said that encouraged by the program, funds have begun to flow into the blue chips.
Brokerages led the rally in financial shares. CITIC Securities gained 4.4 percent to 13.22 yuan (US$2.14), while Founder Securities rose 7.2 percent to 6.09 yuan.
Industrial and Commercial Bank of China gained 2.3 percent to 3.60 yuan on news it plans to issue preferred shares to raise up to 80 billion yuan.
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