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Shanghai index climbs at midday on strength in US markets
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Shanghai stocks rose in early trading today, following the overnight surge in US markets on signs US President Barack Obama and congressional Republicans could reach an agreement to avoid a debt default.
The key Shanghai Composite Index rose 0.88 percent to 2,210.32 points. Turnover was 77.8 billion yuan (US$12.8 billion) by the noon break.
“A more than 300-point jump in the Dow Jones industrial average is positive for the A-share market, especially when Chinese economic data and policy environment are favorable,” said Shenyin & Wanguo Securities.
US Republican leaders yesterday proposed a plan to extend the government's borrowing limit for six weeks, a significant shift that would postpone a possible debt default from October until the middle or end of November.
Hope for a deal sent the Dow Jones 323.09 points higher, or 2.2 percent. The Standard & Poor's 500 index added 2.2 percent and the Nasdaq composite gained 2.3 percent.
Shares related to the pilot free trade zone in Shanghai regained momentum after profit taking earlier this week. Shanghai Waigaoqiao Free Trade Zone Development Co gained 3.6 percent to 53.80 yuan. Shanghai Jinqiao Export Processing Zone Development Co surged the daily limit of 10 percent to finish the session at 14.85 yuan.
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