Off the wire
• 2nd LD Writethru: 11 killed, 50 injured in stampede in Hindu temple in eastern India  • Soot aggregates, the most noxious PM2.5: Chinese experts  • Retiring Australian cricket captain angrily dismisses claims of team disunity  • Haitian president appeals for non-violence in ongoing legislative elections  • Urgent: Chinese shares rise over 3 pct  • China Exclusive: China's "sky eyes" help protect world heritage Angkor Wat  • Australian diets revealed as sub-standard with junk food prominent: report  • 1st LD-Writethru: Chinese shares open higher on Monday  • China, U.S. to exchange officials for Xi's visit  • Blue algae outbreak threatens water supply in China's 5th largest lake  
You are here: 　 Home

1st LD-Writethru: Chinese shares rally on SOE reform expectations

Xinhua, August 10, 2015 Adjust font size:

Chinese shares rallied with major indices surging during the morning session on Monday due to strong market expectations for the reform of state-owned companies.

The benchmark Shanghai Composite Index rose 3.2 percent to stand at 3,864.1 points when morning trading closed, while the smaller Shenzhen Component Index climbed to 13,106.46 points, up 2.77 percent from the previous trading day.

The strong performance may be linked to high market expectations over the reform of state-owned enterprises (SOE). Media reports said Monday that China's central authority has approved an ambitious plan to reorganize its SOEs to improve their competitiveness in an increasingly liberalized market.

Listed companies of Chinese SOEs rallied. Shipbuilder and aircraft manufacturer shares led the rise. China CSSC Holdings Ltd., a leading ship maker, jumped by the daily 10-percent limit.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, surged 3.63 percent to reach 2,670.5 points by the end of morning session. Endi