FTZ-linked counters help index snap losses

Shanghai's key stock index yesterday snapped a three-day losing streak to edge up after being bolstered by shares related to the city's free trade zone after the central government unveiled a decision to further liberalize foreign investment regulations in the zone.

The Shanghai Composite Index added 0.08 percent, or 1.61 points, to 2,047.32.

The State Council, China's Cabinet, on Monday unveiled several rule changes on foreign investment in the pilot FTZ as it seeks to deepen reform in the management of foreign investment as well as open more service sectors to foreign investors, a statement on the central government's website said.

The changes aim to relax control on foreign investment in areas from shipping to entertainment and telecommunications, the statement said.

Shanghai International Port (Group) Co surged 7.9 percent to end at 5.17 yuan (85 US cents). Shanghai Waigaoqiao Free Trade Zone Development Co added 2.5 percent to finish at 30.72 yuan while Shanghai Material Trading Co rose 2.7 percent to close at 8.98 yuan.