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Shares rise on economic optimism, surge in US markets
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Shanghai stocks gained the most in one month following an overnight surge in US markets on signs a debt default could be avoided, while optimism over China’s economy also gave a boost to local shares.
The benchmark Shanghai Composite Index rose 1.7 percent to 2,228.15 points. Turnover was 142.3 billion yuan (US$23.3 billion) by the trading close. The index increased 2.5 percent for the week.
“A more than 300-point jump in the Dow Jones industrial average is positive for the A-share market, especially when Chinese economic data and policy environment are favorable,” said Shenyin & Wanguo Securities.
US Republican leaders yesterday 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.
Hope for a deal sent the Dow Jones 323.09 points higher, or 2.2 percent. The Standard & Poor's 500 index added 2.2 percent and the Nasdaq composite gained 2.3 percent.
“China’s economy may have expanded at a rate above 7.5 percent for the first three quarters this year and we have confidence in fulfilling economic and social development targets set for 2013,” Premier Li Keqiang said yesterday during the East Asia Summit in Brunei.
Li said China’s economy has shown stronger growth momentum in recent months as indicated by improvements in a slew of economic data.
Li’s comments were taken as a hint that China’s third-quarter economic report due to be released on October 18 won’t let the market down.
Shares related to the pilot free trade zone in Shanghai regained momentum after Shanghai Securities News reported the People’s Bank of China may soon release a detailed plan on financial policies in the zone. The plan will cover rules for yuan exchange, interest rate liberalization, cross-border use of yuan and foreign exchange management system reform, according to the report.
Shanghai Waigaoqiao Free Trade Zone Development Co gained 5.3 percent to 54.65 yuan. Shanghai Pudong Development Bank Co jumped 5.7 percent to 10.55 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co surged the daily limit of 10 percent to close at 25.39 yuan.
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