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Shanghai index rises over anticipation of further economic reform
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Shanghai stocks advanced today amid growing anticipation over the launch of more economic reforms and speculation of free trade zones opening in other port cities.
The benchmark Shanghai Composite Index gained 0.62 percent to 2,211.77 points. Daily turnover was 118 billion yuan (US$19.3 billion).
“Market appetite for risk is extremely high as investors are expecting reforms in the short term,” said Shenyin & Wanguo Securities.
Hopes are running high that the Third Plenum of the 18th Chinese Communist Party Central Committee, which will open in November, will introduce broad principles for the next stage of economic reform.
“Expectations over policy stimulus will be the main driver for the market ahead of the Third Plenum,” China Securities said in a report.
Firms based in Tianjin, Qingdao and Xiamen surged amid speculation the cities may be allowed to set up free trade zones following Shanghai.
Tianjin Songjiang Co, a company engaged in real estate development and logistics, increased the daily limit of 10 percent to 5.27 yuan. Tianjin Marine Shipping Co also surged 10 percent to 5.61 yuan. Tianjin Port Co jumped 10 percent to 8.17 yuan.
Xiamen Port Development Co gained 10 percent to 6.84 yuan. Xiamen ITG Group Corp rose 10 percent to close at 5.34 yuan.
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