Relieved investors lift shares
Print Edition
SHANGHAI shares closed up yesterday helped by investors who believed that Britain will vote to stay in the European Union this week and on gains made by blue chip shares which may have received national funds.
The Shanghai Composite Index added 0.94 percent to end at 2,905.55 points, trading above the key 2,900 level as technology stocks and brokerages led the gains.
Shenzhen Kingdom Sci-Tech Co surged by the 10 percent daily limit to 35.71 yuan (US$5.43) to become the biggest gainer in Shanghai yesterday. Dongwu Securities Co jumped 3.97 percent to 13.09 yuan while the mainland’s biggest broker, CITIC Securities Co, added 1.34 percent to 16.06 yuan.
Analysts said the Shanghai gauge was also partly buoyed by national funds injected into blue-chip shares yesterday.
Shares also rose as fears of a possible British exit from the EU eased. The decision of whether Britain remain or withdraw from the EU would have a significant impact on global capital markets and influence investors’ sentiment for the rest of the year, Shengwan Hongyuan Securities Co said in a note yesterday, adding that “the outlook is bright for the market for now.”
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