Financial shares gain on VAT pilot extension
Print Edition
SHANGHAI stocks rose yesterday, helped by financial companies which are set to benefit from the extension of the value-added tax pilot program.
The Shanghai Composite Index added 0.62 percent to 2,979.43 points. It gained 0.82 percent for the week to notch a second week of gains.
Financial-related companies such as New China Life Insurance Co rose 2.6 percent to 39.90 yuan (US$6.14), while Soochow Securities Co climbed 2 percent to 13.22 yuan.
China will extend the value-added tax pilot program to cover construction, real estate, finance and consumer services to ease their tax burden from May 1. The government estimated the VAT reform will save over 500 billion yuan in taxes this year.
Shanghai stocks have rebounded more than 10 percent since the beginning of March as the authorities decided to postpone a registration-based system for initial public offerings. The Chinese government’s pledge to bolster the economy has also helped.
Lukman Otunuga, research analyst at FXTM, expected the rebound to continue.
“With expectations mounting over the possibility of China unleashing further stimulus measures if its economic growth slips below 6.5 percent, Chinese stocks may remain buoyant,” Otunuga wrote in a note.
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