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Shanghai shares rise as investors anticipate reform details
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Shanghai stocks gained the most in five weeks, buoyed by expectation that the government will soon unveil detailed policies for reform.
The benchmark Shanghai Composite Index rose 1.68 percent, the biggest daily advance since October 11, to 2,135.83 points. Daily turnover jumped to 113.4 billion yuan (US$18.6 billion) from yesterday’s 72.1 billion yuan.
The index ended the week with a 1.41 percent increase, the biggest weekly rise in five weeks.
"The market gain was driven by expectation that a detailed reform plan will come out next week,” said Shen Lei, analyst with Huaxi Securities.
The 20,000-word document approved by the Third Plenum of CPC Central Committee elaborates 60 “concrete tasks” covering 15 areas, the People’s Daily reported today.
The reform plan is unprecedented and will lead to fundamental changes, The People’s Daily quoted Yang Weimin, deputy director of the Central Leading Group on Financial and Economic Affairs, as saying.
Letting markets to play a decisive role in allocating resources is at the core of China’s future reform, said Yang, who participated in the formulation of the plan.
Securities firms led the market up after The Securities Daily reported that the regulator may announce today to expand the over-the-counter market for the trading of unlisted shares.
China began an OTC stock trading trial in Beijing's Zhongguancun Science Park in 2006 to give unlisted startups an access to capital. Shanghai, Tianjin and Wuhan followed suit by setting up off-exchange markets in local industrial parks. As of today, 345 companies are listed on four OTC markets in China, according to the National Equities Exchange and Quotations.
Analysts say the expansion will led to a boom in OTC listings and provide a new source of income for brokerages.
Haitong Securities leapt 7 percent to 10.75 yuan. CITIC Securities jumped 6 percent to 11.55 yuan. China Merchants Securities Co surged 7.3 percent to 10.54 yuan.
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