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Shares rise but investors stay cautious
Print Edition
Shanghai shares gained the most in nearly two weeks yesterday as investors waited for the outcome of a key policy meeting.
The Shanghai Composite Index rose 0.82 percent to 2,126.77 points.
Investors remained cautious as the third plenary session of the Communist Party of China Central Committee concluded yesterday. The meeting was expected to issue a key document after the market close that will set out the pace and direction of China’s reforms.
“The outcome of the meeting will have a decisive impact on stocks that have traded within a narrow range amid cautious sentiment,” Wu Hua, analyst at Western Securities, said in a note.
“A reform plan exceeding market expectations would give fresh impetus to the market,” said Wu.
“Otherwise there will be a great downward risk.”
Kweichow Moutai Co rose 3.8 percent to 144.84 yuan (US$23.76) after it said it will buy a property in Paris for 8.79 million euros (US$11.8 million).
Shipbuilders rose after the China Securities Journal said the government will ease curbs on subsidies to encourage the scrapping of old vessels. China Shipbuilding Industry Co gained 2.2 percent to 5.59 yuan. China CSSC Holdings Ltd added 2.3 percent to 17.29 yuan.
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