Shares edge up despite MSCI’s move
Print Edition
SHANGHAI stocks yesterday gained for a third straight day despite MSCI’s decision to exclude A shares from its global indexes, while water companies rose on hopes China will take measures to tackle water pollution.
The Shanghai Composite Index added 0.12 percent to 2,054.95 points.
MSCI, a leading provider of financial indexes, decided not to include A shares in the widely-traded MSCI Emerging Markets Index because feedback from global investors cited constraints linked to quotas under the Qualified Foreign Institutional Investor and the Renminbi Qualified Foreign Institutional Investor schemes in China.
“Feedback from investors is that they are generally supportive of an inclusion of A shares into the index over time but the current quota is too constrained to warrant an inclusion in the mainstream index right now,” said Remy Briand, MSCI’s managing director and head of index research.
In March, MSCI said it was considering to include a fraction of A shares in the index which would draw US$12 billion of capital into the Chinese mainland’s stock market.
Water companies gained after China Business News reported that China plans to invest 2 trillion yuan (US$321 billion) to combat water pollution, citing unnamed sources from the Ministry of Environmental Protection.
Heilongjiang Interchina Watertreatment surged by the daily limit of 10 percent to 4.92 yuan. Grandblue Environment, a tap water supply and sewage treatment company, jumped 8.8 percent to 11.92 yuan. Jiangsu Jiangnan Water rose 3 percent to 16.26 yuan.
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