Shares rise most in 1 month on optimism
Print Edition
Shanghai stocks gained the most in one month yesterday following an overnight surge in US market on signs a debt default could be avoided, while optimism over China’s economy also provided a tonic to domestic shares.
The Shanghai Composite Index rose 1.7 percent to 2,228.15 points. For the week, the index gained 2.5 percent.
“A more than 300-point jump in the Dow Jones industrial average is positive for the A-share market,” said Shenyin and Wanguo Securities.
US Republican leaders on Thursday proposed a plan to extend the government’s borrowing limit for six weeks, a significant shift that would postpone a possible debt default from October until the middle or end of November.
At an East Asia summit in Brunei on Thursday, Chinese Premier Li Keqiang said: “China’s economy may have expanded at a rate above 7.5 percent for the first three quarters of this year, and we have confidence in fulfilling economic and social development targets set for 2013.”
Shares related to the pilot free trade zone in Shanghai picked up after the Shanghai Securities News reported the People’s Bank of China may soon release detailed financial policies in the zone.
Shanghai Waigaoqiao Free Trade Zone Development Co gained 5.3 percent to 54.65 yuan (US$8.93). Shanghai Pudong Development Bank jumped 5.7 percent to 10.55 yuan. Shanghai Lujiazui Finance and Trade Zone Development Co surged by the daily limit of 10 percent to 25.39 yuan.
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