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Shanghai Composite up 0.69% as small caps recover
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SHANGHAI stocks closed higher today as small-cap firms eased their worry about a glut of new shares while free trade zone-related stocks gained after the central bank unveiled financial reform package for the zone.
The benchmark Shanghai Composite Index added 0.69 percent, or 15.30 points, to 2,222.67. The daily turnover was 100.8 billion yuan (US$16.5 billion).
“The reboot of initial public offerings may depress growth shares for a while but it won’t change the market fundamentals in the medium term,” Shi Weixiang, analyst with Guotai Junan Securities, wrote in a note today.
“The launch of reforms actually reduced market uncertainty over policy,” said Shi, “Growth share valuation is likely to be further boosted after market panic is priced in.”
China’s securities regulator said on Saturday that about 50 companies will be ready to go public in January.
The removal of a 13-month moratorium on new IPOs dealt a blow to growth shares yesterday, with the ChiNext Index, a gauge of China’s Nasdaq-style growth board in Shenzhen, plunging a record 8.3 percent.
FTZ-related shares gained after the People’s Bank of China yesterday released a financial reform package for the zone to facilitate cross-border trade and investment.
Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two zones within the pilot FTZ, gained 1.8 percent to 34.68 yuan. Shanghai International Port (Group) Co rose 1.3 percent to 4.58 yuan. Shanghai Oriental Pearl (Group) Co added 1.4 percent to 9.58 yuan.
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