Shares jump on opening-up news

Shanghai stocks closed up today as market sentiment was lifted by further opening-up of the financial market.

Shanghai stocks closed up today as market sentiment was lifted by further opening-up of the financial market.

The Shanghai Composite Index edged up 0.14 percent to close at 3,432.67 points. For the week, the gauge rose 1.81 percent.

Investors are buoyed by the news that Vice Finance Minister Zhu Guangyao said during a news conference today that China will lift limits on foreign ownership stakes from 49 percent to 51 percent in securities, fund management companies and futures.

This will grant greater access to overseas investors in China's financial services market, as Reuters reported.

"It is an important step as it represents China's financial sector's further opening-up to the global market," said Guo Tianyong, a professor at Central University of Finance and Economics, "More overseas capital will enter into China's financial market and it will improve the competitiveness of China's financial sector."

Consumer shares, financial firms and telecommunication companies are among the biggest gainers today. 

Wuhan Yangtze Communication Industry Group Co Ltd surged by the daily limit of 10 percent to 29.02 yuan (US$4.30), Bright Dairy & Food Co Ltd added 7.48 percent to 15.67 yuan and Shanghai Greencourt Investment Group Co Ltd climbed 1.88 percent to 10.27 yuan.



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