Index gets lift from small-caps, FTZ stocks
Print Edition
SHANGHAI stocks rose yesterday as they got a boost from small-cap companies and free trade zone-related shares which closed higher.
The Shanghai Composite Index added 0.69 percent, or 15.30 points, to 2,222.67.
Writing in a note yesterday, Shi Weixiang, analyst at Guotai Junan Securities, said the resumption of initial public offerings, after a 13-month moratorium, won’t change market fundamentals in the medium term.
China’s securities regulator said on Saturday that about 50 companies will be ready to go list their shares in January.
On Monday, the ChiNext Index, a gauge of China’s Nasdaq-style growth board in Shenzhen, plunged a record 8.3 percent.
Meanwhile, FTZ-related shares rose after the People’s Bank of China on Monday unveiled a financial reform package for the zone to facilitate cross-border trade and investment.
Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two areas within the pilot FTZ, gained 1.8 percent to 34.68 yuan. Shanghai International Port (Group) Co climbed 1.3 percent to 4.58 yuan and Shanghai Oriental Pearl (Group) Co added 1.4 percent to end at 9.58 yuan.
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