Shanghai Stocks Soar on City's Free-Trade Port Plan
- Government’s free trade port plan boosting sentiment: Xufunds
- Xiongan, Shanghai free trade zone prompted similar jumps
Shipping containers are stacked at the Yangshan Deep Water Port, part of China (Shanghai) Pilot Free Trade Zone's Yangshan free trade port area, in Shanghai, China, on Wednesday, Oct. 23, 2013. The area is a testing ground for free-market policies that Premier Li Keqiang has signaled he may later implement more broadly in the world's second-largest economy.
Photographer: Tomohiro Ohsumi/BloombergTraders are snapping up stocks with Shanghai in their name after the city’s Communist Party chief confirmed plans to set up a free trade port that would aim to ease restrictions for incoming cargo.
Eleven of the top 20 gainers on the city’s equity gauge were companies whose names begin with the word Shanghai and all 11 surged by the daily limit. Port operator Shanghai International Port Group Co. and property developer Shanghai Waigaoqiao Free Trade Zone Group Co. were among the shares that soared 10 percent.