Finance and metal shares push index up
Print Edition
SHANGHAI stocks closed up for the third straight day yesterday, ending above 3,200 points amid strong performance of financial shares and metal producers.
The Shanghai Composite Index added 0.56 percent to 3,208 points.
Metal producers gained, with Shandong Gold Mining Co surging 5.2 percent and Zhongjin Gold Mining Co adding 3.48 percent to 9.8 yuan (US$1.56). China Aluminum Corp gained 2.5 percent.
People’s Bank of China Governor Yi Gang told the Boao Forum that the government will remove foreign ownership caps on Chinese banks and allow foreign securities and life insurance firms to hold majority stakes in their Chinese counterparts.
The Industrial and Commercial Bank of China rose 1.96 percent to 6.24 yuan, Shanghai Pudong Development Bank gained 1.19 percent, while China Citic Bank Corp hiked 3.11 percent.
Real estate developer China Vanke Co rose 1.34 percent and Poly Real Estate Group jumped 1.75 percent to 14.54 yuan.
Investors’ worries about an economic rebound gradually faded away.
Improvement in listed companies’ earnings would continue to push up overall stock performance in the coming months, Haitong Securities wrote in a research note.
Global markets are seeing a warmer sentiment on easing concerns of trade tensions between the US and China, as well as rising crude oil prices.
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