Shanghai stocks lifted by hopes of policy support

Hu Yumo
The day's gains follow pledges of accelerating capital-market development by Chinese Vice Premier Liu He at the 12th Lujiazui Forum.
Hu Yumo

Shanghai stocks rose on Friday, as investors turned optimistic on hopes of more policy support.

The benchmark Shanghai Composite Index gained 0.96 percent to close at 2,967.63 points. For the week, the gauge added 1.64 percent.

The smaller Shenzhen index was up 1.55 percent to 11,672.8 points, while the blue chip CSI300 Index closed 1.34 percent higher at 4,098.71 points. The ChiNext Composite Index added 2.36 percent to 2,319.45 points.

Shares rose after Chinese Vice Premier Liu He said during the ongoing 12th Lujiazui Forum that the country will accelerate the development of the capital market, optimizing systems of information disclosure, issuance and delisting; and enhancing ease of transactions, market liquidity and vibrancy.

On the two major bourses, the stocks of 66 listed companies surged by over 9 percent, while five declined by more than 9 percent.

Brokerages, consumer shares, and electronics manufacturing companies were among the biggest gainers.

Of the 112 firms on the STAR Market, 59 companies closed higher; one remained unchanged, while the rest retreated.

Shanghai Jahwa United Co Ltd jumped 7.74 percent to 51.5 yuan (US$7.25) and Universal Scientific Industrial (Shanghai) Co Ltd surged 7.29 percent to 21.5 yuan.


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