FTZ nod and optimism send index higher
Print Edition
Shanghai stocks gained the most in two weeks yesterday as trade and logistics shares rose on approval for a free trade zone (FTZ) and on investor optimism over China’s economic outlook.
The Shanghai Composite Index jumped 1.9 percent, the biggest daily rise since August 12, to 2,096.47 points.
“The market rebound was helped by several good news including the recent approval of a pilot free trade zone in Shanghai, but the underlying catalyst was increasing optimism over the economic outlook,” said Zhang Guojiang, analyst with Sinolink Securities.
Last week’s HSBC flash Purchasing Managers’ Index signaled China’s manufacturing sector may have rebounded to a four-month high in August, fuelling hopes of expansion after falling for three consecutive months.
“China’s economy has shown 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 yesterday.
China can meet the annual economic growth target of 7.5 percent this year, Sheng added.
Shares of trade and logistics firms gained from the central government’s nod for a pilot free trade zone to be set up in Shanghai.
Shanghai Material Trading Co, Orient International Enterprise and Shanghai International Port (Group) Co surged by the daily limit of 10 percent each to 9.91 yuan, 8.87 yuan and 3.09 yuan respectively.
Brokerages also gained after the Shanghai exchange yesterday said it would consider day trading to allow investors to buy and sell the same stock on the same day in a bid to mitigate risks for investors in erroneous trading.
Investors in China now cannot sell a stock bought on the same day but have to wait until at least the next trading day.
Haitong Securities gained 8.1 percent to 11.35 yuan. CITIC Securities, China’s biggest listed broker, rose 5.2 percent to 11.06 yuan. Everbright Securities added 4.2 percent to 10.25 yuan.
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