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Shanghai index up 1.3% to almost 3-month high
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SHANGHAI stocks advanced to the highest level in nearly three months, bolstered by a surge of free trade zone-related shares after officials set a timetable for financial reforms in the zone.
The benchmark Shanghai Composite Index gained 1.3 percent, or 29 points, to 2,251.76. Daily turnover was 135.5 billion yuan (US$22.2 billion).
“The market gain was boosted by optimism over the Shanghai Free Trade Zone as well as agriculture shares,” said Shenyin & Wanguo Securities.
“We hope to implement most of reform measures in the zone in three months and build a financial system that can be duplicated in other places in about one year,” said Zhang Xin, chief of the Shanghai headquarters of the People’s Bank of China, in a statement yesterday.
The central bank unveiled a raft of financial policies for the zone on Monday, outlining 30 measures to facilitate cross-border investment and transaction.
Shanghai Waigaoqiao Free Trade Zone Development Co Ltd, surged by the daily limit of 10 percent to 38.15 yuan. Shanghai International Port Co Ltd also jumped 10 percent to 5.04 yuan. Shanghai Pudong Road And Bridge Construction Co Ltd soared 10 percent to 11.31 yuan.
Agriculture-related shares also gained on hopes that the government will roll out incentive policies to spur agricultural development at the annual National Conference on Rural Work later this month.
Heilongjiang Agriculture Co Ltd advanced 1.7 percent to 13.36 yuan. Zhongken Agricultural Resource Development Co Ltd added 1.4 percent to 8.97 yuan.
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