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November 4, 2016

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Shares rise on report showing economy steady

SHANGHAI shares rose yesterday, buoyed by optimism over the imminent Shenzhen-Hong Kong Stock Connect program and data indicating economic stability.

The Shanghai Composite Index gained 0.84 percent to 3,128.94 points.

Investor sentiment was boosted by news that the Shenzhen-Hong Kong stock link — giving overseas investors more access to the Chinese mainland market — is set to begin by year-end.

Securities firms surged as the market bet the launch of the stock connect could generate benefits. All 14 listed brokerages gained, with Sinolink Securities Co jumping 4.23 percent to 14.29 yuan (US$2.11) and Soochow Securities Co soaring 5.55 percent to 15.40 yuan.

Big-cap, state-owned infrastructure stocks surged after the Caixin China services PMI rose to 52.4 in October from a reading of 52 in September, posting its strongest reading since June.

China State Construction Engineering Corp and China Communications Construction Co both jumped by the 10 percent daily limit.


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