Stock link optimism lifts index
Print Edition
SHANGHAI stocks ended higher yesterday as brokerages gained in afternoon session amid optimism that a stock link between Shenzhen and Hong Kong would be announced soon.
The Shanghai Composite Index added 0.58 percent to 2,912.56 points.
Brokerages led the pace, driven by expectation that the upcoming Shenzhen-Hong Kong Stock Connect will benefit the sector. Dongxing Securities rose 3.6 percent while Everbright Securities added 2.2 percent.
Hong Kong stock exchange started market tests for the long-awaited stock trading link on Monday, allowing brokers to get ready for the launch.
That fueled speculation that securities regulators in the mainland and Hong Kong may announce the launch date as early as Friday, along with a new quota for the existing link between Shanghai and Hong Kong, which will run out of its quota by the end of August.
“Expectations for the launch of the Shenzhen-Hong Kong link is running high. Some investors have positioned themselves in advance, betting that the new link will attract fresh funds to the A-share market,” said Guangzhou Wanlong Securities Consulting Co.
The market also gained after Chinese Premier Li Keqiang sought to calm investors spooked by Britain’s vote to leave the European Union.
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