Shares soar to highest in over 7 years
Print Edition
SHANGHAI stocks surged to the highest level in more than seven years yesterday as investors were increasingly buoyed by speculation that policy-makers would unveil economic stimulus measures.
The Shanghai Composite Index gained 2.59 percent to 3,786.57 points, just a shade below the 3,796.58 points set on March 21, 2008.
A joint statement by the National Development and Reform Commission, the Ministry of Foreign Affairs and the Ministry of Commerce on Saturday revealed the country’s future initiatives over the Silk Road Economic Belt and the 21st Maritime Silk Road schemes.
The “One Belt, One Road” concept will create opportunities for trade and investment between China and countries along the routes, President Xi Jinping said on Sunday at a symposium with some 40 domestic and foreign entrepreneurs during the 2015 Boao Forum for Asia.
Xi said China hopes annual trade between China and these countries will surpass US$2.5 trillion in a decade or so. His remark boosted shares of infrastructure and transport companies.
Power Construction Corp of China surged by the daily 10 percent limit to 10.11 yuan (US$1.63), Xinjiang Urban Construction Co jumped 9.98 percent to 14.21 yuan, and Ningbo Port Co rose 7.17 percent to 5.98 yuan.
Real estate shares also rose on speculation of a possible government move to ease mortgage policies.
Poly Real Estate Group Co and Tianjin Realty Development Co both rose by the daily 10 percent limit to 11.85 yuan and 6.24 yuan, while Beijing Capital Development Co rose 8.57 yuan to 12.42 yuan.
After trading ended yesterday, the People’s Bank of China confirmed the minimum down payment requirement was cut to 40 percent from 60 percent for buyers purchasing a second home before paying off an existing mortgage.
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