Index up 0.25%, led by free trade zone concept stocks

By Zha Minjie | August 30, 2013, Friday |

Online Edition

Shanghai stocks rallied this morning, bolstered by firms that would benefit from the trial of Shanghai Free Trade Zone.

The key Shanghai Composite Index rose 0.25 percent to 2,102.38 points. Turnover stood at 69.8 billion (US$11.4 billion) by the noon break.

"The market is speculating in shares related with the free trade zone," said Shenyin Wanguo Securities Co. "Moreover, investors began to eye opportunities in Tianjin and Chongqing which also submitted their plans for a free trade zone for approval.”

Shanghai International Port Co jumped by the daily limit of 10 percent to 4.52 yuan, continuing the winning streak for six trading days.

Shanghai Waigaoqiao Free Trade Zone Development Co, which announced today to raise 2.7 billion yuan through non-public seasoned equity offering, soared 10 percent to 14.85 yuan. The money will be used to finance construction of regional headquarters for multinationals and logistics facilities.

Tianjin Port Co jumped by the daily limit of 10 percent to 7.59 yuan after news media reported that the draft plan for the Tianjin free trade zone is now waiting for approval by the State Council, the Chinese Cabinet.

Finance

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Index up 0.25%, led by free trade zone concept stocks

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