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Shanghai shares gains on confidence-building measures
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SHANGHAI stocks edged up in morning trading after the central government unveiled a slew of measures to strengthen protection of small investors.
The key Shanghai Composite Index added 0.06 percent, or 1.29 points, to 2,102.55 by 11:30am. Half-day turnover was 34.8 billion yuan (US$5.7 billion).
The State Council, China’s cabinet, released a set of measures to improve protection of small investors on Friday, including setting up an investor classification system to bar unprofessional investors from certain sectors and establishing an insurance system to help listed companies avoid the risk of delisting.
The central government also vowed to increase dividend payments and investors’ voting rights, improve an investor compensation mechanism, and tightening oversight of market irregularities.
Zheshang Securities said the measures proposed by the State Council are positive for bolstering the market confidence.
Shares related to Xiamen, a port city in eastern Fujian Province, surged after media reports that the city has submitted a proposal to the central government to set up a free trade zone to build stronger economic and trade ties with Taiwan.
Xiamen ITG Group Corp, which operates import and export business, surged 9.7 percent to 5.45 yuan. Xiamen International Airport Co Ltd jumped 6.8 percent to 15.57 yuan. Xiamen Overseas Chinese Electronic Co Ltd advanced 3.9 percent to 5.37 yuan.
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