Shares jump on opening-up news
Print Edition
SHANGHAI shares jumped yesterday, with the blue-chip CSI 300 index posting its best day in more than nine months, as investors were buoyed by news of further opening-up of China’s financial sector.
The Shanghai Composite Index rose 1.43 percent to 3,107.83 points.
The CSI 300 surged 1.8 percent — its biggest gain since August 15 — to 3,485.66 points, its highest close in more than a month.
Market sentiment was lifted after Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said the CSRC is planning with related departments to allow foreign investors to trade futures in the domestic market.
“With the deepening of China’s reform and opening-up, China is also accelerating the opening-up of its financial sector,” Fang said.
Blue chips such as financial, real estate and infrastructure companies were among the biggest gainers.
Sinolink Securities Co soared 5.78 percent to 11.90 yuan (US$1.73), Beijing Dalong Weiye Real Estate Development Co advanced 4.98 percent to 4.85 yuan, and Shanghai Pudong Development Bank jumped by the daily limit of 10 percent to 12.93 yuan.
Expectations were also building that global index provider MSCI Inc will add Chinese mainland shares to its Emerging Markets Index when it issues its annual classification review on June 20.
“The chance of an A-share inclusion into MSCI has risen drastically for 2017,” China Securities Co said in a report.
The brokerage encouraged continued buying of leading blue chips, which have already outperformed small caps this year.
JPMorgan, China International Capital Corp and BlackRock have also expressed optimism over prospects that A shares could be included by MSCI this year.
Investors were also optimistic after 102 centrally administered state-owned enterprises reported profits jumped 18.1 percent year on year to 445 billion yuan in the first four months of the year, the State-owned Assets Supervision and Administration Commission said on Wednesday.
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