Shares rise on hopes of SOE reform
Print Edition
SHANGHAI stocks rose yesterday on hopes that China’s new round of SOE reform will help them regain vitality.
The Shanghai Composite Index gained 0.42 percent, or 8.62 points, to 2,046.96. For the week the index shed 0.6 percent.
The government will soon unveil a shortlist of state-owned enterprises that will trial a reform of their shareholding model, the China Securities Journal said, citing an unnamed source close to the matter.
“Reform will create investment opportunities in sectors dominated by SOEs, such as oil, automobile and chemicals,” Hui Xiangfeng, analyst at Yingda Securities, wrote in a note.
State-owned Anhui Jianghuai Automobile rose by the daily limit of 10 percent to 11.22 yuan (US$1.80) on plans to acquire its parent company JAC Group.
Gold shares shone after gold prices rose to a four-month high on hopes the US Federal Reserve will keep interest rates at record lows.
Zhongjin Gold rose 1.2 percent to 7.67 yuan. Shandong Gold Mining Co added 1.5 percent to close at 15.88 yuan.
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