Shanghai shares close at 3-month high
Print Edition
SHANGHAI shares ended at a three-month high after investors bought finance and manufacturing companies.
The Shanghai Composite Index rose 1.82 percent to close at 3,049.38 points. The gauge closed above 3,000 for the first time since April last week.
Market observers said the government pension fund may have intervened in both the stock and currency markets.
“Expectations that the national pension fund will start buying shares” were helping blue-chip stocks, said Zhang Haidong, chief strategist at Jinkuang Investment Management.
China International Capital Corp said earlier that the National Council for Social Security Fund might inject 100 billion yuan of a total 2 trillion yuan in stocks in the second half of 2016.
All 14 Shanghai-listed brokerages gained, with CITIC Securities Co adding 2.3 percent to 16.93 yuan (US$2.53).
China Southern Airlines, Air China and Juneyao Airlines all surged by the 10 percent daily limit.
An index of energy companies climbed the most in four months, according to data compiled by Bloomberg News, as China Coal Energy Co paced gains after saying it expects a return to profit.
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