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Hopes for Shanghai-HK pilot lift shares
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SHANGHAI stocks gained yesterday on hopes of a capital inflow as the launch of a pilot program to connect the Shanghai and Hong Kong stock markets nears.
The Shanghai Composite Index added 0.83 percent to 2,235.51.
Hong Kong Exchanges and Cleaning Ltd said in a statement on its website on Sunday that the Shanghai-Hong Kong Stock Connect had completed its first round of rehearsal over the weekend. The two-day rehearsal covered northbound and southbound trading processes as well as clearing and settlement procedures in the two cities.
Although there is no official timetable, it’s widely expected the program will be launched in mid-October.
Brokerages gained, with both CITIC Securities, China’s largest listed brokerage, and Haitong Securities up 0.3 percent to 12.93 yuan (US$2.11) and 9.85 yuan respectively.
HSBC Global Research yesterday said the scheme helps open the Chinese mainland’s capital market to international funds.
The official Purchasing Managers’ Index released by the National Bureau of Statistics yesterday fell from 51.7 in July to 51.1 in August, indicating a slowdown in larger and state-owned industrial companies.
HSBC’s China Purchasing Managers’ Index, a gauge of manufacturing activity in private and export-oriented firms, also fell last month to 50.2, down from an 18-month high of 51.7 in July, HSBC Holdings Plc said yesterday.
“We continue to expect the government to keep a loose policy stance in the third quarter,” Nomura said yesterday.
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