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Shanghai shares gain on report of 2 trillion yuan to fight water pollution
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SHANGHAI stocks gained for a third straight day today even though MSCI Inc. said it will not add China’s A-shares to its global index. Market sentiment was boosted by speculations that the government will take measures to tackle water pollution.
The key Shanghai Composite Index added 0.12 percent to 2,054.95. Turnover was 63.2 billion yuan (US$10.2 billion) for the day.
MSCI, a leading provider of financial indexes, announced a decision not to include A-shares in the MSCI Emerging Markets Index because feedback from international investors pointed to constraints linked to China’s quota systems of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors.
“Feedback from investors through this consultation is that they are generally supportive of an inclusion into the index over time but the current quota is still too constraining to warrant an inclusion into the mainstream index right now,” said Remy Briand, MSCI’s managing director and head of index research.
In March, MSCI said it was considering including a fraction of A-shares in its widely-traded emerging markets index and expected the inclusion would channel in US$12 billion of capital to China’s stock market.
Water companies gave a boost to the market after China Business News reported that the government plans to invest 2 trillion yuan to combat water pollution, citing unnamed sources at the Ministry of Environmental Protection.
Heilongjiang Inter-China Water Treatment surged by the daily limit of 10 percent to 4.92 yuan. Grandblue Environment, a company engaged in water supply and sewage treatment, jumped 8.8 percent to 11.92 yuan. Jiangsu Jiangnan Water rose 3 percent to 16.26 yuan.
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