Shanghai stocks up for third day in a row
Shanghai stocks closed up for the third straight day, ending above 3,200 points thanks to the strong performance of financial shares and metal producers.
The benchmark Shanghai Composite Index was up 0.56 percent to 3,208 points and turnover remain stable at 211.4 billion yuan (US$33.6 billion).
Metal producers pushed up the index, with Shandong Gold Mining Co surging 5.2 percent and Zhongjin Gold Mining Co advancing 3.48 percent to 9.8 yuan. China Aluminum Corp picked up 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 financial sector was also generally upbeat. Industrial and Commercial Bank of China advanced 1.96 percent to 6.24 yuan, and Shanghai Pudong Development Bank were up 1.19 percent, while China Citic Bank Corp hiked 3.11 percent.
Real estate developers closed higher, with China Vanke Co up 1.34 percent and Poly Real Estate Group jumping 1.75 percent to 14.54 yuan.
Investors’ worries about economic rebound gradually faded away after the fluctuation and adjustment period in the first quarter.
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 United States and China, as well as rising crude oil prices.
