Shanghai shares jump on Xi’s speech at Boao Forum

Shanghai shares jumped yesterday after President Xi Jinping said that China would continue to open up further and commit to deeper reform, seen as a gesture that might ease trade tension between China and the US.

The Shanghai Composite Index rose 1.66 percent to close at 3,190.3 points.

Xi’s remarks in his speech at the Boao Forum for Asia included a wide range of measures such as lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms.

Steel makers led the gains after steel prices rebounded, suggesting a pick-up of demand in near future.

Liuzhou Iron and Steel Co surged by the daily limit of 10 percent and Fangda Special Steel Technology Co gained 5.87 percent to 14.06 yuan.

Transport companies also took off, with Air China rising 6.66 percent while China Eastern Airlines added 3.99 percent.

Stocks also rose on Wall Street yesterday. The Dow Jones Industrial Average climbed as much as 400 points in early trading.

In Asia, Japan’s Nikkei 225 gained 0.5 percent to finish at 21,794.32. Australia’s S&P/ASX 200 edged up 0.8 percent to 5,857.00. South Korea’s Kospi added 0.3 percent to 2,450.74 and Hong Kong’s Hang Seng increased 1.7 percent to 30,728.74.

(Ding Yining)