BEIJING, April 22 China shares closed up 0.3
percent on Tuesday, as strong performances from free trade zone
firms helped the index turnaround from being in the red for most
of the day on the news that 18 additional companies had gained
The Shanghai Composite Index ended up 0.3 percent at
2072.83 points. The CSI300 of the leading Shanghai and
Shenzhen A-share listings rose 0.4 percent.
Monday's announcement that more companies received the
greenlight to list came after the Securities regulator surprised
investors with similar news over the weekend for 28 companies
to list after a two month hiatus, stoking concerns of a share
oversupply and of funds being diverted from existing companies
The 18 new approvals brings the total number of companies
cleared for listing to 46. A further 560 companies are still
waiting for IPO approvals.
One bright spot on the index was Shanghai free trade zone
related companies, which had a positive day after the Shanghai
municipal government published new regulations aimed at
facilitating commodities trading in the zone.
Shanghai Waigaoqiao Free Trade Zone Development Co Ltd
jumped 8.4 percent and Shanghai Lujiazui Finance and
Trade Zone Development Co Ltd gained 7.1 percent.
(Reporting By Natalie Thomas; Editing by Shri Navaratnam)