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Shanghai index hits 2-month high on reform package
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Shanghai stocks gained the most in more than two months today after China unveiled a package of bold reform measures to overhaul the world’s second-largest economy.
The benchmark Shanghai Composite Index soared 2.87 percent, the biggest advance since September 9, to 2,197.22 points. Shares worth of 143.2 billion yuan (US$23.5 billion) were traded during the day.
China released a sweeping reform plan on Friday after the market close, laying out 60 concrete tasks covering economic, legal, cultural and social issues.
The plan, which fleshed out guidelines adopted at the plenum of the ruling Communist Party a week ago, pledges to relax one-child policy, expand farmers’ land rights, encourage private investment in state businesses and give the market the lead role in economy.
“The full version, if successfully implemented, could help China to achieve a balanced and sustainable growth in the long term,” said Zhu Haibin, chief economist for China at JPMorgan.
Ping An Securities said the bold reform plan exceeded market expectations and helped to clear uncertainties over policy direction and would lift market sentiment in the short term.
Industrial Securities analysts said overseas capital may flow back to the A-share market as the reform plan has brightened China’s economic outlook.
Brokerages led the gains of financial stocks as the reform plan indicated that China will introduce a registration-based system for new share offering, which lets the market to decide on the scale, timing and pricing of new listings.
“This reform will lead to an increase in new share offering and thus benefit brokerages’ investment banking business,” analysts with Essence Securities said.
CITIC Securities surged by the daily limit of 10 percent to 12.71 yuan. Haitong Securities jumped 8.8 percent to 11.70 yuan. China Merchants Securities Co rose 6.8 percent to 11.26 yuan.
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