New boss boost for share prices
Print Edition
SHANGHAI shares rose in value yesterday, propped up by financials and property developers, with a new boss at China’s top securities regulator lifting market sentiment amid expectations the government will step up economic stimulus.
The benchmark Shanghai Composite Index gained 2.35 percent to 2,927.18 at close.
Property developers gained after China lowered transaction taxes on home purchases and said it would reduce or stop issuing land for new residential housing developments in areas suffering from excess supply, the latest moves in a string of measures to boost the housing sector.
Huayuan Property Co Ltd soared 10 percent while Poly Real Estate Group rose 3.3 percent.
Brokerages led the financial sector amid hopes that the new head of China’s securities regulatory commission would take measures to overhaul the country’s turbulent financial market.
CITIC Securities, China’s biggest brokerage, rose 3.2 percent to 15.58 yuan (US$2.39). Orient Securities surged by the daily limit of 10 percent to 19.64 yuan.
China has appointed Liu Shiyu to replace Xiao Gang as chairman of the China Securities Regulatory Commission following the dramatic boom and bust in the country’s multi-trillion stock market. Prior to his appointment, Liu was chairman of Agricultural Bank of China Ltd.
“The reshuffle helped boost market confidence as investors expect new leadership to take measures to curb market volatility,” said Zhao Youqi, an analyst with Changjiang Securities.
The upcoming two sessions of China’s national legislature and advisory body also sparked enthusiasm in trades as investors are expecting that the government will step up economic stimulus.
“From an asset allocation perspective, we advise investors to closely follow thematic fields driven by policy expectations, given the recent rollout of new real estate policies as well as the approaching of annual meetings of China’s national advisory body and legislature,” CITIC Securities said in a note.
The market confidence on the Chinese mainland spread to Hong Kong, where the benchmark Hang Seng index rose 1.1 percent to 19,500.23, while the Hong Kong China Enterprises Index gained 1.5 percent to 8,237.54, Reuters reported.
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