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Shares close higher on free trade zone move
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Shanghai stocks ended higher in choppy trading today, bolstered by trading and logistics firms after China proposed to suspend some laws in the Shanghai Free Trade Zone and a pick-up in industrial profits in July.
The key Shanghai Composite Index added 0.34 percent to 2,103.57 points, the highest close since August 13. Daily turnover was 104.6 billion yuan (US$17.1 billion).
Development zone operators, trading and logistics firms continued a strong run after the Xinhua News Agency reported that China is planning to suspend some laws in the newly-approved free trade zone in Pudong in a bid to further open up to foreign investment.
“The establishment of a free trade zone in Shanghai provides an opportunity for local shares to recover valuation,” analysts at Shenyin & Wanguo Securities said in a report.
“Bigger access to investment and financial liberation within the zone will help boost consumption and become a powerful catalyst for Shanghai economy,” the report said.
Shanghai Jinqiao Export Processing Zone Development Co surged by the daily limit of 10 percent to 10.64 yuan. Shanghai Zhangjiang Hi-tech Park Development Co climbed 6.6 percent to 6.94 yuan.
Shanghai International Port (Group) Co, Shanghai Material Trading Co, and Orient International Enterprise all jumped by the daily limit of 10 percent to 3.40 yuan, 10.90 yuan and 9.76 yuan respectively.
Manufacturers advanced on rising industrial profit that accelerated to 11.6 percent in July from June’s 6.3 percent.
CSSC Jiangnan Heavy Industry Co jumped 5.8 percent to 11.31 yuan. China Avic Electronics Co rose 4.7 percent to 17.90 yuan.
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