China shares higher on continued Unicom surge

Business Tuesday 22/August/2017 15:26 PM
By: Times News Service
China shares higher on continued Unicom surge

Shanghai: China stocks ended higher as a unit of China Unicom surged by the daily limit for a second day, and as financial and materials firms also experienced strong gains.
The blue-chip CSI300 index rose 0.3 per cent, to 3,752.57 points, while the Shanghai Composite Index gained 0.1 per cent, to 3,291.03 points.
China United Network Communications Ltd shares rose 10 per cent for a second consecutive day of limit-up trade.
Shares in the China Unicom unit have risen following a statement from the China Securities Regulatory Commission on Sunday that it would treat China Unicom's $11.7 billion ownership reform plan "as an exceptional case", granting it approval.
Earlier, Chinese media speculated that the plan would violate rules on private placements.
China Molybdenum, a major non-ferrous metals producer, added 6.6 per cent. Despite the rise, its shares are down 7.8 per cent this month after gaining nearly 43 per cent in July.
On Aug. 28, China Molybdenum is due to announce second-quarter earnings.
Ping An Insurance Group Co of China Ltd led gains among financial firms, rising 4.1 per cent.
The financial sub-index rose 1 per cent for the day.