Stocks extend gains for 6th straight day
Print Edition
SHANGHAI stocks rose for the sixth day in a row yesterday, as sentiment remained positive on the back of an economic upturn and increased liquidity.
The Shanghai Composite Index gained 0.24 percent to 2,183.19 points.
“Economic recovery and the improving liquidity conditions are the keys to the rebound in the A-share market,” CITIC Securities said in a note.
“Enthusiasm for the Shanghai-Hong Kong Stock Connect is also directing funds to blue chips,” it said.
But the brokerage questioned the sustainability of the rebound as the government is seeking to restructure the economy and might not extend its stimulus measures.
Electric vehicle makers and battery producers made significant gains yesterday after media reported that Beijing is planning to buy 1,300 electric taxis this year.
Anhui Jianghuai Automobile jumped 7 percent to 13.03 yuan (US$2.11) on the news, while Ningbo Joyson Electronic rose 2.6 percent to 27.34 yuan.
Stocks associated with Shanghai’s pilot free trade zone also advanced ahead of a new regulation on its management, which will come into effect on Friday.
Shanghai Waigaoqiao Free Trade Zone Development gained 4 percent to 27.92 yuan, while Shanghai Jinqiao Export Processing Zone Development rose 8.7 percent to 11.77 yuan and Shanghai Lujiazui Finance & Trade Zone Development added 5.8 percent to 17.49 yuan.
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