Shanghai Stock Market Closes at 10-Month High
Dou Shicong
/SOURCE : yicai

(Yicai Global) April 3 -- Shanghai equities ended today at a 10-month high as China's mainland markets soared in afternoon trading, buoyed by reports that the country will improve the futures trading environment for foreigners.

The Shanghai Composite Index rose 1.24 percent to close at 3,216.3 points with CNY442.6 billion (USD66 billion) of shares changing hands. The index hit 3,219.26 near the close, which is the highest since May 22 last year.  

The Shenzhen Component Index closed 0.78 percent higher at 10,340.51 on turnover of CNY490.7 billion. The ChiNext Index, which tracks growth enterprises in Shenzhen, closed up 0.8 percent at 1,768.18 with CNY137.8 billion changing hands.

Online reports suggested that China will improve stock futures access for foreigners and let qualified foreign institutional investors participate in mainland futures markets.

That pushed the brokerage sector up 4.6 percent to lead the market. China Cifco Investment [SHE:000996], a futures trading firm based in Beijing, hit the daily limit allowed to close 10 percent higher at CNY16.34 (USD2.44). 

Editor: William Clegg

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Keywords: Shanghai Composite Index , Shenzhen Component Index , ChiNext Price Index