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Stocks inch up early on talk of reform plan for city鈥檚 state-owned assets
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SHANGHAI stocks inched up in morning trading as local shares advanced on speculation that a reform plan regarding the city’s state-owned assets would soon be released. The gains offset the losses of small-cap firms with the upcoming reboot of initial public offerings.
The benchmark Shanghai Composite Index added 0.17 percent, or 3.88 points, to 2,242.07. Half-day turnover was 55.5 billion yuan (US$9.1 billion).
Shares of companies based in Shanghai surged after the official Shanghai Securities News reported that the local government is expected to unveil a reform proposal to overhaul the city’s state-owned enterprises as soon as next week.
SGSB Group Co, a producer of sewing machines and spare parts, surged by the daily limit of 10 percent to 10.79 yuan. INESA Electron Co soared 10 percent to 5.82 yuan. Shanghai Highly (Group) Co, a manufacturer of air conditioner compressors, leapt 10 percent to 7.47 yuan.
Also, Qingdao Haier Co Ltd, China’s largest refrigerator market, jumped 10 percent to 19.91 yuan after China’s largest e-commerce giant, Alibaba Group, agreed to invest HK$2.82 billion (US$363 million) in it.
Small-cap shares declined as Shenyin & Wanguo Securities said the impact of the IPO reboot has not yet fully vanished.
China’s top securities regulator said the country’s securities market is on track to open for new share issuance after a 13-month moratorium, with the first batch of 50 companies ready to go public in January.
Shinva Medical Instrument Co lost 4.7 percent to 54.52 yuan. Top Choice Medical Investment Co dropped 2 percent to 30.96 yuan.
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