Brokerages and FTZ firms lift shares higher
Print Edition
SHANGHAI stocks rose yesterday as investors were buoyed by the strong showing of brokerages and companies related to free trade zones.
The Shanghai Composite Index rose 1.5 percent to 2,373.03 points.
Investors were cheered after Ashley Alder, chief executive at the Hong Kong’s Securities and Futures Commission, said yesterday that the market infrastructure and operations were ready in Hong Kong for the launch of the Shanghai-Hong Kong Stock Connect scheme.
His words erased doubts about the landmark scheme, especially after its launch was delayed.
Soochow Securities rose 7.69 percent to 11.63 yuan (US$1.90), Everbright Securities gained 5.59 percent to 10.76 yuan, and Anxin Trust added 4.57 percent to 28.15 yuan.
Companies doing business at Shanghai’s pilot FTZ benefited from President Xi Jinping’s comment that China will develop more FTZs across the country.
China Merchants Securities also said the central government should continue to open new FTZs in a bid to reverse the slowing economic growth.
COSCO Shipping surged 9.95 percent to 4.42 yuan, Shanghai Lujiazui Finance & Trade Zone Development climbed 6.62 percent to 19.50 yuan, and Tianjin Marine Shipping gained 4.94 percent to close at 10.63 yuan.
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