Trade zone approval boosts local index

By Zha Minjie | August 23, 2013, Friday |

Online Edition

Shanghai shares gained in the morning session bolstered by heavily weighted chips after the State Council approved Shanghai to run a trial of free trade zone late yesterday.

The benchmark Shanghai Composite Index added 0.3 percent to 2073.38. The turnover was 42.4 billion yuan (US$7 billion) by midday.

The outlook for second largest economy turns better after HSBC's Flash China Purchasing Managers' Index released yesterday reached a four month high of 50.1, up from 47.7 in July.

"With the gradual development of urbanization, infrastructure, environmental protection and information industries will see a new round of opportunities," said Zhang Shiyuan, the chief researcher with the Southwest Securities.

Shanghai International Port Co jumped by the daily limit of 10 percent to 2.81 yuan, echoing the free trade zone approval. Shanghai Jinqiao Export Processing Zone Development Co was up 5.23 percent to 8.86 yuan by the midday break.

Everbright Securities Co, a broker that has been troubled by causing huge volatility in the Shanghai market due to an erroneous trading system last Friday, resumed trading today and fell 1.1 percent to 9.87 yuan. Its shares were suspended yesterday and it said in a statement that its president resigned after the incident.

Finance

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Trade zone approval boosts local index

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