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Free trade port plan gives shares a boost

    Shanghai stocks edged up yesterday as market sentiment was lifted by Shanghai’s plan to build a free trade port and the Chinese central bank efforts to boost liquidity in the financial market.

    The Shanghai Composite Index edged up 0.06 percent to close at 3380.70 points.

    Investors were optimistic on news that Shanghai is planning a free trade port which is awaiting approval from the central government.

    “Shanghai’s listed port operators and trading firms, including Shanghai Material Trading Co, Shanghai International Port and CTS International Logistics Co, all jumped on news Shanghai was considering developing a free port to boost international trade,” Reuters reported.

    Sinolink Securities said in a note the development of a free trade port will act as a catalyst to the city’s shipping and logistics enterprises.

    Sentiment also rose after the People’s Bank of China injected 200 billion yuan (US$30.1 billion) into the financial market through reverse repurchase agreements yesterday, according to a statement published on its official website.