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Shanghai shares up 1.9% on capital market reform
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THE government’s pledge to overhaul China’s capital market gave Shanghai’s stock market a shot in the arm, with its benchmark index rising nearly 2 percent in morning trading.
The Shanghai Composite Index gained 1.9 percent, or 38.29 points, to 2,049.43. Half-day turnover was 51.7 billion yuan (US$8.3 billion).
The State Council, China’s cabinet, released a nine-point statement late Friday, calling for sweeping reforms to establish a registration-based share listing system, perfect the market exit system and adjust tax on equity trading.
“The reforms proposed by the central government focus on the long-term development of China’s capital market and aim to boost market sentiment,” Huatai Securities said in a report, but it cautioned that the rebound may hardly sustain due to weak fundamentals.
Brokerages advanced in the morning session. CITIC Securities rose 4.4 percent to 12.04 yuan. Haitong Securities climbed 3.3 percent to 9.78 yuan. Founder Securities gained 3.8 percent to 6.04 yuan.
Coal producers also rose. Shanxi Lu'an Environmental Energy Development Co Ltd surged by the daily limit of 10 percent to 8.42 yuan. Guizhou Panjiang Refined Coal Co Ltd soared 7 percent to 8.24 yuan. China Shenhua Energy Co Ltd increased 4.8 percent to 14.80 yuan.
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