Shanghai index up 0.45% as policy meeting winds up

By Ye Zhen | November 12, 2013, Tuesday |

Online Edition

SHANGHAI stocks inched up this morning as investors waited for the outcome of a four-day policy meeting that is to close today.

The benchmark Shanghai Composite Index added 0.45 percent to 2,119.04 points and half-day turnover stood at 36.8 billion yuan (US$6 billion).

Investors remained cautious about the outcome of the third plenary session of the Chinese Communist Party Central Committee, which is expected to issue a key document on the pace and direction of China’s reforms.

“The outcome of the meeting will have an impact on the stocks that have traded within a narrow range amid cautious sentiment,” Wu Hua, analyst at Western Securities, said in a note.

“A better-than-expected reform plan would give fresh impetus to the market; otherwise there will be a great downward risk,” said Wu.

Distilleries gained the most after China Securities Co said their historically low valuation and recovering fundamentals may give the sector a boost.

Kweichow Moutai Co increased 3.2 percent to 144.01 yuan. Shanxi Xinghuacun Fen Wine Factory Co rose 3.1 percent to 19.05 yuan. Sichuan Swellfun Co added 2.7 percent to 11.10 yuan.

Coal producers also advanced. Heilongjiang Heihua Co surged 5.8 percent to 5.46 yuan. SDIC Xinji Energy Co rose 5.2 percent to 4.69 yuan.

Finance

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Shanghai index up 0.45% as policy meeting winds up

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