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Xi’s visit to US seen as tonic for shares
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SHANGHAI stocks rose yesterday on industrial firms’ optimism that President Xi Jinping’s visit to the US may result in increased orders, while uncertainties over unregulated margin trading activities eased.
The Shanghai Composite Index added 1.89 percent to 3,156.5 points.
Aviation and infrastructure companies led the market up amid expectations that Xi’s official visit to the US will boost their order books.
AVIC Aviation Engine Corp jumped 6.6 percent to 39.50 yuan (US$6.20) while China Railway Group Ltd surged 7 percent to 12 yuan.
“Expectations are running high that China and the US will reach deals in a number of sectors during the upcoming visit, bringing about investment opportunities in related shares,” CITIC Securities said in a note yesterday.
During Xi’s visit from today to Friday, China and the US are set to seal agreements on trade, climate, energy, finance, technology, aviation and infrastructure construction, Foreign Minister Wang Yi said last week.
Investors were also relieved that gray-market margin trading, which has caused wild swings in shares in the past few months, was waning.
“The impact of uncertainties around the gray-market margin trading activities is waning,” said Tu Jun, analyst with Shanghai Securities.
The China Securities Regulatory Commission said last week that although it would continue to crack down on unregulated margin lending business, it would soften its stance by requiring brokerages to communicate with their clients rather than unilaterally terminating contracts.
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