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SHANGHAI shares yesterday rose the most in more than three weeks after several major shareholders pledged that they would not cut their stakes in the short term.
The Shanghai Composite Index gained 2.25 percent, the biggest daily advance since December 14, to 3,361.84 points. Investor sentiment was buoyed by statements from nearly 30 listed companies saying that their major shareholders would not sell shares in the secondary market within the next six to 12 months.
The expected expiration on Friday of a ban on share sales by major shareholders was blamed for the market plunge on Monday, which saw the CSI 300 index sinking over 7 percent and triggering a circuit breaker mechanism that forced a trading halt. The China Securities Regulatory Commission on Tuesday pledged new rules to further curb massive selling by major stakeholders in listed companies.
Speculation the central government has revived support measures also boosted investor sentiment. Bloomberg News cited anonymous sources as saying that state-controlled funds bought equities on Tuesday following Monday’s market crash.
Coal firms surged after Premier Li Keqiang said during a tour in Shanxi Province that China would reduce overcapacity and encourage innovation in the sector. China Shenhua Energy Co gained 9.9 percent to 15.75 yuan (US$2.40). Shanxi Coal International Energy Group Co leapt by the daily limit of 10 percent to 4.58 yuan.
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