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Approval of Shanghai zone lifts equities

By Shi Jing in Shanghai | China Daily | Updated: 2013-08-27 06:50

Approval of Shanghai zone lifts equities
Investors conduct stock transactions at a brokerage office in Qingdao, Shandong province. An optimistic economic outlook and upbeat data helped push the benchmark Shanghai Composite Index up 1.9 percent to close at 2,096.74 points on Monday. [Photo / China Daily]

Chinese investors' "fever" for Shanghai free trade zone concept stocks helped push mainland share markets higher on Monday.

Shanghai-based companies closely related to foreign trade have performed strongly since the Ministry of Commerce announced last Thursday that the State Council, the country's cabinet, had approved the establishment of a pilot FTZ in Shanghai.

"The Shanghai free trade zone project will provide strong impetus to the growth of foreign trade and logistics in Shanghai.

"It will also serve as a strong example nationwide in terms of policy reforms in finance, tax, trade and government management," said Guo Yiming, a senior investment consultant at Shaanxi Jufeng Investment Information Co Ltd.

Investors stampeded into FTZ concept stocks on Monday, many of which were up by the daily limit of 10 percent before the morning session had ended.

Textile company Sinotex Investment & Development Co Ltd surged 10 percent to 5.81 yuan (95 US cents) in the morning session.

Shanghai Jinqiao Export Processing Zone Development Co Ltd and Shanghai Lujiazui Finance and Trade Zone Development Co Ltd also surged by the daily limit in the morning session.

Shares of logistics companies rallied too. CTS International Logistics Corp Ltd jumped 10.03 percent to 8.56 yuan and Shanghai Material Trading Co Ltd was up 9.99 percent, closing at 9.91 yuan per share.

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