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Reform hopes fuel biggest rise in index
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Shanghai stocks rose by the most in one week yesterday on rising hopes for reforms at key policy meetings held in March.
The Shanghai Composite Index rose 1.1 percent, or 23.49 points, to 2,142.55.
“The market is expected to continue an upward trend on growing expectations for new reforms ahead of key policy meetings in March and also due to recent economic data that were largely in line with forecasts,” said CITIC Securities.
The annual sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference will be held in Beijing in March.
During a seminar attended by provincial and ministerial-level officials on Tuesday, Premier Li Keqiang called for deepening reforms in areas such as administrative procedures, fiscal systems and financial market.
Investor appetite for China stocks is recovering amid sufficient market liquidity and a pause in initial public offerings. Data from the China Securities Depository and Clearing Co showed that 143,242 new A share accounts were opened in Shanghai and Shenzhen from February 10 to last Friday, the highest weekly increase in 11 months.
China Petroleum & Chemical Corp gained 3.8 percent to 4.70 yuan (77 US cents). Sinopec Shanghai Petrochemical Co surged by the daily limit of 10 percent to end at 3.50 yuan.
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