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Shanghai index lifted by FTZ-related stocks
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Shanghai stocks closed higher today, snapping a three-day losing streak, as shares related with the city’s free trade zone rose after the central government yesterday announced a decision to further liberalize foreign investment regulations in the zone.
The key Shanghai Composite Index inched up 0.08 percent, or 1.61 points, to 2,047.32. Daily turnover was 54.6 billion yuan (US$9 billion).
“The market is due for a technical rebound after three straight days of losses,” said Shenyin & Wanguo Securities. “However the rebound will be limited by a flood of new shares.”
The State Council, China’s Cabinet, yesterday announced a raft of rule changes regarding foreign investment in the China (Shanghai) Pilot Free Trade Zone in a bold move to deepen reform in foreign investment management and open more service sectors to foreign investors.
The adjustments removed legal barriers for the regulator to relax control on foreign investment in areas from shipping to credit investigation, entertainment and telecommunications, according to a statement on the State Council’s website.
“The policy easing will help invigorate business activities in the zone and stimulate market competition by letting in more foreign investors,” CITIC Securities said in a report today.
Shanghai International Port (Group) Co Ltd surged 7.9 percent to 5.17 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co Ltd increased 2.5 percent to 30.72 yuan. Shanghai Material Trading Co Ltd added 2.7 percent to 8.98 yuan.
Lenders fell among financial shares on speculation that the banking regulator will soon announce measures to tighten control of lenders’ off-balance-sheet lending.
China Construction Bank dropped 1.7 percent to 4.01 yuan. China Minsheng Banking Corp Ltd shed 1 percent to 7.31 yuan.
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