Vice premier's words lift market sentiment

Hu Yumo
Shanghai stock prices rise as the Lujiazui Forum hears of the government's commitment to reform and opening-up, and protecting the interests of foreign-funded enterprises. 
Hu Yumo

Shanghai stocks rose on Thursday as market sentiment was lifted after the country said it will continue to comprehensively deepen capital market reform.

The benchmark Shanghai Composite Index edged up 0.12 percent to close at 2,939.32 points.

The smaller Shenzhen index was up 0.65 percent to 11,494.55 points while the blue chip CSI300 Index closed 0.67 percent higher at 4,044.38 points. Startup board the ChiNext Composite Index added 0.09 percent to 2,266.03 points.

Market sentiment improved after Chinese Vice Premier Liu He said during the Lujiazui Forum 2020 that the government will unswervingly deepen reform and opening-up, accelerate the issuance and implementation of financial reform and opening-up measures, and protect the legitimate rights and interests of foreign-funded enterprises in China. 

Turnover on the two major bourses totalled 758.6 billion yuan (US$107.1 billion), an increase of 19.7 billion yuan compared with 738.9 billion yuan the previous trading day. Turnover on the Shanghai Stock Exchange was 289.4 billion yuan, an increase of 11.4 billion yuan from the previous trading day’s 278 billion yuan.

On the two major bourses, the stocks of 56 listed companies surged by over 9 percent, while 29 declined by more than 9 percent.

In the A-share market, coal, iron and steel providers, and telecommunication companies were among the biggest gainers.

Of the 111 firms on the STAR Market, 41 companies closed higher, while the rest retreated.

Shenyang Jinbei Automotive Co Ltd jumped 5.84 percent to 5.98 yuan and Datong Coal Industry Co Ltd added 5.76 percent to 4.04 yuan.

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