Index rises most in 5 weeks on reform talk
Print Edition
Shanghai stocks gained the most in five weeks yesterday, buoyed by expectations that the government would soon unveil detailed policies for future reforms.
The Shanghai Composite Index rose 1.68 percent, the biggest daily advance since October 11, to 2,135.83 points. The index ended the week with a 1.41 percent increase, the biggest weekly rise in five weeks.
“The market gain was driven by expectations over reforms,” said Shen Lei, an analyst with Huaxi Securities.
A detailed reform plan approved by the Third Plenum of the Party’s Central Committee was released after the market close.
Securities firms led the gainers after the Securities Daily reported that the regulator may soon announce expansion of the over-the-counter market nationwide for the trading of unlisted shares.
China began an OTC stock trading trial in Beijing’s Zhongguancun Science Park in 2006 to broaden access to capital for non-listed startup firms.
Shanghai, Tianjin and Wuhan in central China’s Hubei Province have also established off-exchange markets. As of yesterday, a total of 345 companies were listed on the four OTC markets in China, according to the National Equities Exchange and Quotations.
Haitong Securities leapt 7 percent to 10.75 yuan (US$1.76). CITIC Securities rose 6 percent to 11.55 yuan.
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