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Index sees 1st gain in 5 days to over 2,200
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Shanghai’s key stock index rose yesterday, the first gain in five days, to end above 2,200 points, as financial and railway firms benefited from positive comments.
The Shanghai Composite Index added 0.82 percent, or 18 points, to 2,201.07.
Financial shares were buoyed by remarks from central bank Governor Zhou Xiaochuan at a forum on Tuesday that China will accelerate financial reforms such as interest rate liberalization, realizing capital account convertibility and intervening less in the foreign exchange market.
“Non-banking financial companies are expected to be the biggest beneficiaries of China’s reform,” Guotai Junan Securities said.
CITIC Securities, China’s biggest listed brokerage, rose 3.1 percent to 12.91 yuan (US$2.12). Sinolink Securities Co surged by the daily 10 percent limit to 17.69 yuan.
Railway companies also gained after Premier Li Keqiang said China will participate in the building of a railway line between Hungary and Serbia.
CSR Corp, China’s biggest train maker, rose 2.9 percent to 5.28 yuan. China CNR Corp, the second-largest, gained 1.6 percent to finish at 5.61 yuan.
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