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Shares rise on resumed bond futures trading
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Stocks related to the newly-approved Shanghai Free Trade Zone had a bull run again this morning after China resumed the bond futures trading after an 18-year suspension.
The benchmark Shanghai Composite Index climbed 0.32 percent to 2,129.19 points. Turnover was 61.1 billion yuan by the noon break.
Media reported that a corporate stock trading and financing platform may be created in the free trade zone in the city’s Pudong District, which will allow foreign-invested companies to issue seasoned equity offerings to domestic investors outside the free trade zone, while domestic companies can sell shares to foreign buyers, the 21st Century Business Herald reported today.
"The two-way flow of capital will help to form a new 'international board'," said the newspaper, citing a person familiar with the FTZ operation.
Other financial reforms, including free exchange of yuan, are also expected in the pilot free trade zone.
Shanghai Waigaoqiao Free Trade Zone Development Co continued to grow for six trading days in a row to 23.93 yuan, jumping by a daily limit of 10 percent since August 30.
Shanghai International Port Co advanced for two consecutive days, adding 20 percent to 6.02 yuan this morning.
Michael Kurtz, a manager with Nomura Securities, said the down risk for Chinese shares is limited as their valuation has become very attractive after an extended slump in recent years.
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