Investors eye MSCI’s ruling on A shares
Print Edition
SHANGHAI stocks rose slightly yesterday amid tepid trading as investor attention was focused on a decision by global benchmark provider MSCI today on whether to include mainland-listed shares into one of its flagship indexes.
The Shanghai Composite Index added 0.32 percent to 2,842.19 points.
MSCI was expected to unveil its decision around 5am today on whether to add yuan-denominated A shares into its widely tracked emerging market index.
CITIC Securities said yesterday that there was a 60 percent chance of a positive decision, and even a 5 percent inclusion is expected to channel 140 billion yuan (US$21.2 billion) worth of foreign capital to mainland stock markets.
However, Zhang Jun, an analyst at Morgan Stanley Huaxin Securities, said the MSCI decision would have no material impact on the market.
“The inflows of overseas funds are more dependent on China’s economic fundamentals and the outlook for the yuan,” Zhang said.
Brokerages gave the market a lift after Charles Li, CEO of Hong Kong Exchanges & Clearing, said yesterday that a stock trading link between Shenzhen and Hong Kong was ready and could be operational soon.
Soochow Securities rose 1.8 percent while Dongxing Securities gained 1.7 percent.
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