Shares climb the most in 7 weeks
Print Edition
SHANGHAI’S key stock index rose the most in seven weeks yesterday on a surge in material counters, as China vows to overhaul the capital market.
The Shanghai Composite Index gained 2.1 percent, the biggest daily advance since March 21, to 2,052.87 points.
The State Council, China’s Cabinet, released a nine-point statement last Friday that called for sweeping reforms to establish a registration-based share listing system as well as perfecting the system for a market exit and adjusting tax policies on equity trading.
The government will further expand cross-border investment quotas for institutional investors and gradually allow individual investors to make such investment in a bid to open China’s capital market.
“The reforms proposed by the central government focus on the long-term development of China’s capital market, which helped the market rebound,” Huatai Securities said in a report. But it said the rebound may not sustain due to weak fundamentals.
Hongyuan Securities said the reform proposal raised hopes that more substantial measures will be rolled out for the capital market in the future.
CITIC Securities, China’s largest listed brokerage, rose 3.9 percent to 11.98 yuan (US$1.92). Sinolink Securities gained 5.8 percent to 20.20 yuan, and Founder Securities added 3.3 percent to 6.01 yuan.
More than 20 coal firms, including Shanxi Lu’an Environmental Energy Development Co and Yang Quan Coal Industry (Group) Co, jumped by the daily limit of 10 percent.
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