Stock exchanges rally after reform plans boost confidence

By Park Gayoung Source:Global Times Published: 2013-11-24 23:28:02

Stocks in the Chinese mainland ended the week with a loss on Friday but saw overall weekly gains as reform plans boosted confidence. 

The benchmark Shanghai Composite Index fell by 9.39 points or 0.43 percent from Thursday to close at 2,196.38 points on Friday, ending the week 60.55 points or 2.83 percent higher than the previous Friday.

The Shenzhen Component Index also fell by 58.68 points or 0.69 percent to 8,415.36 points on Friday, a gain of 107.44 points or 1.29 percent from November 15.

Combined turnover on the two bourses on Friday was 207.2 billion yuan ($34.00 billion), down from Thursday's 246.9 billion yuan.

On Friday, stocks rose in mobile games, chemicals, aerospace, nonferrous metal, and stock brokerages. Shenzhen-listed mobile game firm Ourpalm Co reached a record high of 38.80 yuan after rising by 8.99 percent on Friday. Stock brokerage Sinolink Securities Co rose by 4.61 percent to 15.67 yuan.

Gains last week were partly due to detailed reform plans unveiled on November 15.

China will build a State Security Committee and loosen the one-child policy, as well as developing reform plans for initial public offerings, according to the plans.

Security products manufacturer Shenzhen Infinova Ltd rose by the daily limit of 10 percent on Friday. The company's shares soared 46.45 percent to 21.25 yuan last week.

Free trade area companies in Shanghai and Tianjin fell back on Friday after several days of gains.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, saw a loss of 3.89 points or 0.30 percent to 1,295.07 points at the close on Friday, with a weekly gain of 26.01 points or 2.05 percent from the previous Friday.



Posted in: Markets

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