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Local stocks mixed, SOE reform plan gives Shanghai shares a lift

By Yu Xi (Global Times)

08:32, July 20, 2012

Chinese markets were at odds Thursday after a Shanghai-specific policy move helped stocks for companies based in the city end the day on a high note.

The Shanghai Composite Index finished trading at 2,184.84, up 15.74 points, or 0.73 percent on the day. Meanwhile, the Shenzhen Component Index closed at 9,509.49 after giving up 4.68 points, or 0.05 percent.

Both markets started trading lower Thursday but quickly advanced throughout much of morning trading as the heavily weighted insurance and securities sectors recorded strong gains. It was a different story though in the afternoon, which saw both indices slump after their earlier rallies thanks to declines in brewing, coal and steel stocks.

The State-owned Assets Supervision and Administration Commission of the Shanghai municipal government announced that local authorities would speed up reforms of State-owned enterprises (SOEs) in the city through assets securitization and reorganization in the third quarter of this year, according to a report published Thursday on cnstock.com, the Shanghai Securities News' online portal.

Shanghai-listed Orient International Enterprise and Shanghai Kaichuang Marine International Co both rose by the daily limit to close at 5.98 yuan ($0.94) and 12.23 yuan respectively.

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