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Shanghai stocks rise on hope for new reform policy
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Shanghai shares gained the most in nearly two weeks today as investors waited for the outcome of a four-day policy meeting that will close this afternoon.
The benchmark Shanghai Composite Index rose 0.82 percent to 2,126.77 points. Daily turnover was weak at 68 billion yuan (US$11.1 billion).
Investors remained cautious about the outcome of the third plenary session of the Chinese Communist Party Central Committee which is expected to issue a key document, offering clues about the pace and direction of China’s reforms.
“The outcome of the meeting will have an impact on the stocks that have traded within a narrow range amid cautious sentiment,” Wu Hua, analyst at Western Securities, said in a note.
“A reform plan exceeding market expectation will give fresh impetus to the market; otherwise there will be a great downward risk,” said Wu.
Kweichow Moutai Co paced the gains of distilleries, rising 3.8 percent to 144.84 yuan, after the high-end liquor producer announced to invest 8.79 million euro (US$11.8 million) in Paris property as part of its overseas expansion plan.
Shanxi Xinghuacun Fen Wine Factory Co climbed 6.8 percent to 19.73 yuan. Sichuan Swellfun Co added 4.1 percent to 11.25 yuan.
China Securities Co said recovering fundamentals of the distilleries may give them a boost in the medium term as their valuations reached a historical low following the plasticizer scandal and a nationwide frugality campaign.
Shipbuilders rose after The China Securities Journal said the government will ease restrictions on subsidies to encourage the country’s ship recycling industry.
China Shipbuilding Industry Co Ltd rose 2.2 percent to 5.59 yuan. China CSSC Holdings Ltd gained 2.3 percent to 17.29 yuan. Guangzhou Shipyard International Co Ltd increased 3 percent to 11.96 yuan.
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