China’s stocks rose,
extending a weekly gain, on speculation the new securities regulator
chairman will take steps to boost the world’s second-largest equity
market.
The Shanghai Composite
Index advanced 1.2 percent to 2,894.89 at 9:31 a.m. local time, led by
commodity producers and financial companies. The benchmark measure
climbed 3.5 percent last week, the most in two months. Developers gained
after the government said it will cut taxes on home transactions. The
Hang Seng China Enterprises Index climbed to a one-month high.
Liu Shiyu is assuming
oversight of the world’s second-largest stock market in the wake of last
summer’s slump that saw Xiao Gang criticized for mismanagement. Liu was
previously chairman of Agricultural Bank of China Ltd. and was a deputy
governor at the People’s Bank of China before that. The reshuffle comes
before the nation’s Communist leaders are due to meet next week to set
out a new five-year economic plan.
Source: Bloomberg
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