Shanghai shares up 0.92% on reform expectations

By Ye Zhen | March 3, 2014, Monday |

Online Edition

SHANGHAI stocks gained for a fourth day in a row, buoyed by expectations for reforms as the Chinese People's Political Consultative Conference, the country's top political advisory body, opened its annual meeting in Beijing today.

The key Shanghai Composite Index increased 0.92 percent, or 18.93 points, to 2,075.24. Turnover was 105 billion yuan (US$17.2 billion) at the trading close.

“Investors have shifted their focus to the meeting and are hoping more reform measures and incentive policies will be proposed,” said Shenyin & Wanguo Securities.

“Reform will be the focus of this year’s meeting with anti-corruption, environmental protection, military industry, Internet security and food safety among main topics,” Dongxing Securities said in a note today.

Falling funding costs also boosted trading. The seven-day Shanghai Interbank Offered Rate, a gauge of funding availability, dropped 70.80 basis points to 2.82 percent, the lowest since January 17, 2013, data from the National Interbank Funding Center showed.

Environment-related shares led the gainers. Fujian Longking Co Ltd, a company specialized in air pollution control, surged by the daily limit of 10 percent to 34.41 yuan. Tianjin Capital Environmental Protection Group Co Ltd jumped 8.9 percent to 9.59 yuan. Beijing Capital Co Ltd, which operates sewage treatment plants, surged 6.4 percent to 7.16 yuan.

Finance

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Shanghai shares up 0.92% on reform expectations

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