Xi-Ma meet and data lift shares
Print Edition
SHANGHAI shares yesterday rose for a second day as investors bought blue chips when sentiment was driven by improved services data and hopes for opportunities from a leaders’ summit between China’s mainland and Taiwan.
The Shanghai Composite Index added 1.83 percent to 3,522.82 points.
The recent interest rate cut by the central bank as well as a better services activity index released on Wednesday helped drive the rally, said Hong Hao, managing director and head of research at Bocom International Holdings Co.
Brokerages gained after trading volume in Shanghai surged 123 percent above a 30-day average to notch the highest since August 18.
Six of the 14 listed brokerages in Shanghai surged by the 10 percent daily limit, including Citic Securities Co and Haitong Securities Co.
Hong said the rally was also “driven by short-term positive sentiment over the leaders’ meeting between China’s mainland and Taiwan.”
Investors were hoping that opportunities would arise from tomorrow’s meeting between Xi Jinping and Ma Ying-jeou in Singapore as “the market sees Fujian-related shares having an advantage in cross-Strait economic ties.”
Xiamen International Trade Group Co rose 8.01 percent to 9.57 yuan (US$1.51) in Shanghai, while Industrial Securities Co surged by the 10 percent daily cap to 10.74 yuan.
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