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Shanghai index surges 2.41% to the highest this year
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SHANGHAI stocks jumped the most in more than four months today, sending the key index to the highest level this year, as blue-chip shares soared amid optimism about economic growth.
The market was pushed up higher by enthusiasm over an impending program to allow mutual access between Shanghai and Hong Kong stock exchanges, which is expected to give a boost to blue chips.
The benchmark Shanghai Composite Index rose 2.41 percent, the biggest daily advance since March 21, to settle at 2,177.95 points. Daily turnover was 180.4 billion yuan (US$29.1 billion).
“Positive factors such as an expanding economy and a pilot program to connect the Shanghai and Hong Kong markets sparked investor interest in blue-chip shares that have been undervalued,” analysts with Haitong Securities said in a note today.
Data released yesterday by the National Bureau of Statistics showed the average profit of China’s largest industrial enterprises rose 17.9 percent in June, accelerating from an 8.9 percent rise in May. The profit expanded 11.4 percent in the first half of this year.
Rosy profit data came as the fresh evidence that the world’s second-largest economy is recovering, after HSBC predicted last week that China’s manufacturing sector may have expanded at the fastest pace in 18 months.
National Business Daily said that Shanghai-Hong Kong Stock Connect, a trial program to allow two-way investment, will start on October 13. Hong Kong investors will be able to trade shares of 560 Shanghai-listed blue-chip companies.
Analysts of China Merchants Securities said that encouraged by the program, funds have started to flow into these blue chips.
However, a Hong Kong Stock Exchange spokesperson said in the afternoon that it has yet to be decided when the program will be launched.
Brokerages led the rally of financial shares. CITIC Securities, China’s biggest brokerage by asset, jumped 4.4 percent to 13.22 yuan. Founder Securities surged 7.2 percent to 6.09 yuan.
Industrial and Commercial Bank of China, China’s largest lender, rose 2.3 percent to 3.60 yuan after it announced a plan to issue preferred shares and raise no more than 80 billion yuan.
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