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China shares rise on Shanghai-HK stock access
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Chinese shares closed higher today, as a pilot plan to connect the Shanghai and Hong Kong stock markets was approved by China's top securities regulator.
The benchmark Shanghai Composite Index went up 1.38 percent, or 29.06 points, to finish at 2,134.3. The Shenzhen Component Index gained 0.69 percent, or 51.95 points, to close at 7,563.2.
Combined turnover on the two bourses rose to 253.14 billion yuan (US$41.5 billion) from 189.95 billion yuan on the previous trading day.
Mutual stock market access between the mainland and Hong Kong will allow mainland and Hong Kong investors to trade easily on the other's market, according to a joint statement by the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission.
It will be approximately six months before the launch of the program.
Boosted by the stimulus, stocks in the financial sector surged 2.97 percent, the day's biggest gainer. CITIC Securities Co., China's biggest listed brokerage, led the growth in the sector and climbed 9.74 percent.
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