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Shanghai stocks up 1.1% on reform optimism
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Shanghai market posted its biggest gain in one week as expectations for reforms rose ahead of China’s major policy meetings next month.
The key Shanghai Composite Index climbed 1.1 percent, or 23.49 points, to 2,142.55. Turnover was 127.8 billion yuan (US$21 billion) at the trading close.
“The market is expected to continue an upward trend on growing expectations for new reforms ahead of key policy meetings in March and because recent economic data were largely in line with forecasts,” CITIC Securities said in a note today.
Chinese Premier Li Keqiang yesterday reiterated the importance of reforms for healthy and sustainable economic growth.
At a meeting with ministers and provincial governors, Li pressed for deepening reforms in administrative, fiscal and financial systems.
Investors are hoping new reform measures will be introduced during the annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference in March.
Oil stocks were winners. China Petroleum & Chemical Corp gained 3.8 percent to 4.70 yuan. PetroChina Co Ltd added 0.9 percent to 7.63 yuan. Sinopec Shanghai Petrochemical Co Ltd surged by the daily limit of 10 percent to 3.50 yuan.
Lenders also gained. Bank of Beijing Co Ltd jumped by the 10 percent limit to 7.95 yuan after it signed a cooperation agreement with smartphone producer Xiaomi Corp to offer mobile banking services.
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