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Shanghai index up 0.82%, led by FTZ concept stocks
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Shanghai shares rose today, bolstered by free trade zone concept stocks and ending the week at an 11-week high.
The key Shanghai Composite Index increased 0.82 percent to 2,139.99 points. Turnover totaled 119.1 billion yuan (US$19.46 billion) at the trading close.
The FTZ concept stocks rebounded after a market correction with 20 stocks surged by the daily limit of 10 percent today. Shanghai Waigaoqiao Free Trade Zone Development Co led the gainers by adding 60 percent to 23.93 yuan after six trading days.
"New trade systems will emerge at the market further opens up, which in turn will stimulate economic reform," said Hu Yuexiao, chief analyst at Shanghai Securities.
"But risks and challenges lie ahead," Hu said, citing tax initiatives for companies in the free trade zone and hot money that may flow into the zone and threaten financial stability.
Media reported that China will allow yuan to be freely exchanged in the free trade zone in a bold push to reform the world's second largest economy.
Shanghai Lujiazui Finance & Trade Zone Development Co rose 10 percent to 19.79 yuan today, recovering losses on Monday.
Goldman Sachs said yesterday that it has slightly upgraded its economic growth forecast for China. "We now see China reaching a sequential growth pace of over 8 percent in the second half of the year, pushing 2013 growth to 7.6%, just above the government's policy target," the investment bank said.
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