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Shanghai shares higher today on gains of blue chips
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SHANGHAI stocks edged up today as blue-chip shares gained on expectation they will benefit from the cross-border equity trading between Hong Kong and Shanghai markets.
The key Shanghai Composite Index added 0.05 percent to 2,131.54 points. Turnover was 86.6 billion yuan (US$14.2 billion) by the trading close.
“The cross-trading program announced last week as well as the trial issue of preferred shares announced earlier helped the recovery of blue chips,” a China Investment Securities analyst said in a note today.
China’s securities regulator said last week that it will allow the cross-trading of Hong Kong and Shanghai shares in the move to open up its capital market. The trial is limited to companies traded on both markets as well as blue-chip stocks.
China Petroleum & Chemical Corp gained 2.3 percent to 5.44 yuan. Rising Nonferrous Metals Co Ltd rose 1.6 percent to 36.29 yuan. Yangquan Coal Industry Co Ltd added 0.5 percent to 6.17 yuan.
However, analysts with Kaiyuan Securities cautioned that the rebound is unlikely to sustain due to a lack of liquidity and poor corporate earnings.
Northeast Securities said the index is likely to fluctuate in a narrow range between 2,100 and 2,160 this week in a trade-off between concerns about economic weakness and expectations for stimulus measures.
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