US trade talks boost market

Shanghai markets climbed yesterday on optimism about the possible outcome of trade talks between China and the United States and comments by the central government about further measures to stimulate spending. 

The benchmark Shanghai Composite Index rose 0.71 after climbing more than 1.5 percent in the morning session and turnover stood at 160.8 billion yuan (US$23.5 billion). 

China and the US extended trade talks for an unscheduled third day before wrapping them up.

Investors took the extended talks as a positive signal the two parties are making progress on key trade issues. 

Automakers were among the gainers after head of the National Development and Reform Commission Ning Jizhe said in an interview with CCTV News that the commission would release further stimulus measures soon to boost spending on home appliances and cars. 

Home appliances sales will come under further pressure from falling exports and a sluggish property market but growth would pick up in the second half, GF Securities wrote in a research.

Great Wall Motor surged the daily limit of 10 percent after it signed a memorandum of understanding with Israeli technology firm Mobileye to develop autonomous driving systems for China.

Zotye Automobile Co and Haima Automobile also rose 10 percent. 

Financial shares and home electronics makers also pushed up the index.