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Reform plans for SOEs lift stocks
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SHANGHAI stocks rose yesterday as state-owned enterprises surged over reports that China will announce a new round of reforms to overhaul the SOEs.
The Shanghai Composite Index gained 0.88 percent to 2,929 points at close, recovering from a 1 percent loss in afternoon trade.
China will unveil 10 measures today to push forward its SOE reform plans, 21st Century Business Herald reported yesterday, citing sources from the State-owned Assets Supervision and Administration Commission.
SOEs led the market up. Huadian Energy Co jumped by the daily limit of 10 percent to 5.57 yuan (86 US cents). SDIC Xinji Energy Co surged 10 percent to 7.56 yuan.
China International Travel Service Corp also rose 4.7 percent to 47.65 yuan after it announced that it was planning a strategic re-organization with its Hong Kong-listed subsidiary.
Shanghai-based companies with ties to the Shanghai free trade zone also surged.
Shanghai Waigaoqiao Free Trade Zone Group Co jumped 6 percent while Shanghai Zhangjiang High-Tech Park Development Co gained 3.6 percent yesterday.
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