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Shanghai index climbs 2.1%, biggest gain in 7 weeks
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BEIJING’S pledge to overhaul China’s capital market gave Shanghai’s stock market a shot in the arm. The Shanghai Composite Index rose 2.1 percent to 2,052.87 points today, the biggest daily gain since March 21. Daily turnover was 88.1 billion yuan (US$14.2 billion).
The State Council, China’s cabinet, released a nine-point statement late Friday, calling for sweeping reforms to establish a registration-based share listing system and to improve the market exit system and tax policy for equity trading.
The statement also said the government will further expand cross-boarder investment quotas for institutional investors and gradually allow individual investors to make cross-boarder investment as part of an effort to open up China’s capital market.
“The reforms proposed by the central government focus on the long-term development of China’s capital market and helped the market to rebound,” Huatai Securities said in a report, but it cautioned that the rebound is unlikely to sustain due to weak fundamentals.
Analysts at Hongyuan Securities said the reform proposal is nothing new for the market but it does reflect that the central government is paying more attention to the capital market. This raises expectation that more substantial measures will be rolled out in the future.
Brokerages advanced as the government pledged to support business expansion and innovation of securities companies. CITIC Securities, China’s largest listed broker, rose 4 percent to 11.98 yuan. Sinolink Securities jumped 5.8 percent to 20.20 yuan. Founder Securities added 3.3 percent to 6.01 yuan.
Coal producers surged among material shares. More than 20 coal companies, including Shanxi Lu'an Environmental Energy Development Co Ltd, Yang Quan Coal Industry (Group) Co Ltd, and Guizhou Panjiang Refined Coal Co Ltd, jumped by the daily limit of 10 percent.
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