HONG KONG, March 13 Shanghai shares rose on
Thursday, though disappointing China data in the afternoon
pulled stocks off highs reached on reports about an anticipated
preferred shares pilot programme in the mainland.
China's industrial output growth came in below forecasts for
the combined January/February period, with retail sales also
weaker than expected, continuing a run of sluggish data from the
world's second-largest economy.
The Shanghai Composite Index ended up 1.1 percent at
2019.1 points. The CSI300 of the largest Shanghai and
Shenzhen A-share listings rose 1.2 percent.
Three sources with knowledge of the plans told Reuters that
the China Securities Regulatory Commission is ready to launch an
waited pilot programme letting listed companies issue preferred
shares, and could announce it as policy as soon as this weekend.
Thursday's gains were led by banks that could be the first
ones joining the programme.
(Reporting by Donny Kwok; Editing by Richard Borsuk)