Shares close above 3,000 points
Print Edition
SHANGHAI shares closed above 3,000 points yesterday as state-owned companies performed strongly amid an upbeat sentiment in the post-Brexit period.
The Shanghai Composite Index gained 0.6 percent to end at 3,006.39, above the 3,000-point level for the first time since mid-April.
“Asian shares dismissed earlier losses and ventured higher following the renewed risk appetite, as a strong sense of relief elevated the global markets with major stocks showing stability in the post-Brexit era,” Lukman Otunuga, research analyst at FXTM, wrote in a note yesterday.
State-owned enterprises gained after President Xi Jinping said they are an important foundation for national development and guarding people’s interests.
He demanded efforts to enhance their vitality, competitiveness and risk resistance capacity, according to a statement released after a symposium on SOE reform.
Luoyang Glass Co jumped 3.99 percent to 28.42 yuan (US$4.27). Yueyang Forest and Paper Co added 3.38 percent to close at 6.43 yuan.
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