Hopes of fund inflows lift shares
Print Edition
SHANGHAI stocks ended slightly higher yesterday on expectations of increasing capital inflows from foreign investors.
The Shanghai Composite Index rose 0.4 percent to 2,925.23 points.
Foreign investors have been spending 16.5 billion yuan (US$2.4 billion) buying A shares in 14 consecutive trading days through a stock trading link between Shanghai and Hong Kong bourses, according to data.
The CSOP FTSE China A50 ETF, the largest overseas-listed exchange-traded fund that allows direct foreign investment in Chinese shares, saw 1.3 billion yuan worth of net inflows yesterday, bringing the total net inflows to 5.7 billion yuan in the past six trading days.
“These data indicate foreign investors are optimistic about A shares,” said Liu Kaizhong, analyst with Changjiang Securities.
Investors have been buoyed by increased optimism that A shares may soon be included in MSCI’s widely-traded emerging market index, which will draw billions of dollars from funds to China’s stock market.
Technology shares gained the most, with Jilin Sino-Microelectronics Co Ltd surging by the daily limit of 10 percent to 10.98 yuan and Ningbo Techmation Co Ltd jumped 4.4 percent to 26.57 yuan.
Huatai Securities rose 1.5 percent to 18.35 yuan.
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