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Shanghai shares hit 3-month high on reform pledge
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Shanghai stocks advanced for the fifth day today, sending the key index to a three-month high, after Premier Li Keqiang pledged to push ahead with financial reforms to sustain China’s economic growth.
The benchmark Shanghai Composite Index gained 0.64 percent to 2,255.61 points. Daily turnover was 167.3 billion yuan (US$27.4 billion).
Speaking at the World Economic Forum in Dalian yesterday, Li said China will promote reform and innovation, speed up economic transformation, unleash domestic demand and invigorate the market.
Li said China is confident of achieving this year’s economic growth target as market sentiment has improved on better economic data for July and August.
“Reform will be the driving force of China’s economic upgrading and a source of confidence for investors,” Sun Jianbo, analyst at China Galaxy Securities, said in a report.
“High expectations for reform will continue to drive the market ahead of a November meeting of the Chinese Communist Party Central Committee,” Sun said.
Financial stocks gained after the premier vowed continued push for market-oriented financial reforms, interest rate liberalization and free convertibility of yuan.
Shanghai Pudong Development Bank Co jumped 8.7 percent to 12.25 yuan. Hua Xia Bank Co Ltd climbed 4.2 percent to 8.16 yuan. Industrial Bank Co added 3.1 percent to 12.69 yuan.
Lenders also benefitted from the central bank’s move to inject 10 billion yuan into the money market via 14-day reverse repurchase agreements.
Cyclical shares in cement, coal and steel sectors declined after recent surge on robust economic data. “Technically speaking, the market is due for profit-taking in the short term after continuous gains,” said Western Securities.
Anhui Conch Cement Co Ltd, China’s biggest cement producer, lost 1.3 percent to 16.71 yuan. Shanxi Lanhua Sci-Tech Venture Co slipped 1.7 percent to 14.25 yuan. Inner Mongolia Baotou Steel Union Co shed 1.4 percent to 4.12 yuan.
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