Index up on talk of reforms and FTZs
Print Edition
Shanghai stocks closed higher yesterday on rising speculation that more economic reforms will be launched and that free trade zones will be allowed to open in other port cities.
The Shanghai Composite Index gained 0.62 percent to end at 2,211.77 points.
“Market appetite for risks is extremely high as investors are expecting reforms in the short term,” said Shenyin and Wanguo Securities.
Investors are hoping an important meeting of the Communist Party of China in November will unveil measures to further deepen economic reform.
Meanwhile, firms based in major port cities such as Tianjin, Qingdao and Xiamen surged on talk the cities may be allowed to set up FTZs following Shanghai.
Tianjin Songjiang Co, a real estate development and logistics firm, jumped by the daily limit of 10 percent to 5.27 yuan (86 US cents). Tianjin Marine Shipping Co and Tianjin Port Co both surged 10 percent to 5.61 yuan and 8.17 yuan.
Xiamen Port Development Co gained 10 percent to 6.84 yuan. Xiamen ITG Group Corp also rose 10 percent to 5.34 yuan.
Xiamen, a costal city in Fujian Province, may establish a FTZ to promote cross-Strait economic cooperation, the 21st Century Business Herald said yesterday. Qingdao in Shandong Province has sent an application to the State Council to set up a FTZ, said a statement on the website of the Ministry of Commerce.
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