Shares rise as more reforms expected
Print Edition
SHANGHAI stocks yesterday gained for a fourth straight day as investors were hopeful more reforms would be unveiled as the annual meeting of China’s political consultative body started.
The Shanghai Composite Index added 0.92 percent, or 18.93 points, to 2,075.24.
“Investors have shifted their focus to the ongoing meeting and are hoping that more reform measures and supportive policies will be proposed,” Shenyin & Wanguo Securities said.
The Chinese People’s Political Consultative Conference, the country’s top political advisory body, opened its annual session in Beijing yesterday.
“Reform will be the center of this year’s meeting, with anti-corruption, environmental protection, defense industry, Internet security and food safety among key topics,” Dongxing Securities said in a note.
Meanwhile, falling funding costs also helped the market. The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell 70.8 basis points to 2.82 percent, the lowest since January 17, 2013, data from the National Interbank Funding Center showed.
Fujian Longking Co, engaged in air pollution control, surged by the daily limit of 10 percent to 34.41 yuan (US$5.60). Tianjin Capital Environmental Protection Group Co jumped 8.9 percent to 9.59 yuan.
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