Shares end at highest in 3 months
Print Edition
SHANGHAI stocks ended at the highest in nearly three months yesterday on gains made by shares related to Shanghai’s pilot free trade zone after local officials set a timetable to carry out financial reforms in the zone.
The Shanghai Composite Index gained 1.3 percent to 2,251.76 points, the highest since September 12.
“The market gains were boosted by local shares on optimism over the free trade zone,” said Shenyin and Wanguo Securities.
Zhang Xin, chief of the Shanghai headquarters of the People’s Bank of China, said in a statement that the government intends “to carry out most of financial measures for the zone in three months and build a financial management system that can be duplicated in other areas within about one year.”
On Monday, the central bank unveiled a set of financial policies to facilitate cross-border investment and transactions in the FTZ.
Shanghai Waigaoqiao Free Trade Zone Development Co rose by the daily limit of 10 percent to 38.15 yuan (US$6.26), as did Shanghai International Port (Group) Co to 5.04 yuan as well as Shanghai Pudong Road and Bridge Construction Co which closed at 11.31 yuan.
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