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Stocks inch up early on FTZ potential
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SHANGHAI stocks inched up in the morning session as investors’ enthusiasm over the pilot free trade zone continued to push zone operators, logistics and trade firms higher.
The key Shanghai Composite Index added 0.23 percent to 2,217.52 yuan by midday, with a soaring turnover of 114.3 billion yuan (US$18.7 billion).
Shares related to the free trade zone continued on their winning streak as investors speculated that unprecedented reforms within the zone will give a boost to the services sector and unleash potential for the world’s second largest economy.
Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two of the four bonded zones that have been included in Shanghai’s pilot free trade zone, surged 10 percent for eight days in a row to 28.95 yuan.
Shanghai Jinqiao Export Processing Zone Development Co leapt 9.3 percent to 15.86 yuan, bringing its increase to 80 percent since the central government approved Shanghai’s plans to set up a pilot free trade zone.
Shanghai International Port (Group) Co jumped 7.3 percent to 7.10 yuan. Shanghai International Airport Co soared 7 percent to 17.09 yuan. Shanghai Material Trading Co climbed 4.4 percent to 15.75 yuan.
Most banks dipped after surging yesterday on speculation that the regulator may allow lenders to participate in a trial to issue preferred shares.
Agricultural Bank of China shed 2.9 percent to 2.64 yuan after a 10 percent gain yesterday. Industrial Bank Co declined 3.2 percent to 12.15 yuan.
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