英文： Shanghai shares close morning sharply higher on govt move to boost market
A- and B-share prices closed the morning sharply higher on further indications that the government is launching a program aimed at ramping² up share prices, dealers³ said.

Shares gained sharply on Friday following publication of an editorial in the official China Securities Journal which was apparently⁴ aimed at boosting investor⁵ confidence and was seen by many as confirmation⁶ of rumours⁷ that the government is implementing⁸ a ten-point package aimed at driving share prices higher.

This was followed over the weekend by the publication of a similar editorial on Saturday, as well as the publication of reports that the government has given up a plan to sell off state shares via the stock market and the publication of provisional regulations raising the threshold for listed companies seeking to launch additional share offers.

All of these actions appeared to confirm the rumours of a ten-point market-boosting package, they said.

The composite A- and B-share index closed 120.61 points higher at 1,683. 33 on turnover⁹ of 34.47 bln yuan after trading to a high of 1,709.06 and a low of 1,647.50.

The A-share index gained 125.71 points to 1,756.74 on turnover of 31.03 bln yuan after trading between 1,783.64 and 1,719.38.

The SSE-30 index rose 238.05 points to 3,106.56.

The B-share index closed 11.65 points higher at 153.39 after trading between 155.53 and 149.89.

Analysts¹¹ said there had been widespread expectations that the government would step up its efforts to ramp¹ up share prices after the composite index dropped below a key level at 1,500 points.

Many investors¹² consider 1,500 points the market's policy bottom amid a belief that the government is not prepared to allow prices to correct below that level.

Some analysts said they believe the government is determined¹³ to generate a market rally in the run-up to the Communist Party's 16th Congress in autumn.

However, others said the government may merely be seeking to heighten the market's ability to channel funds to cash-strapped state enterprises, and noted¹⁴ that institutions, who tend to take a longer-term view of stock investment, appear to be taking profits as retail¹⁵ investors carry out strong buying.

DBS Securities analyst¹⁰ Wu Jian said the government appears to have performed a 180-degree turn in its policy towards the market, and said he believes the government may be paving the way for the launch of several huge A-share offers by Hong Kong-listed companies including China Unicom, PetroChina and China Southern Airlines.

He also noted that there is now great uncertainty¹⁶ about the government's plans for the sale of its majority stakes in listed firms.

A Xinhua News Agency report said that instead of selling off state shares via the stock market, the Ministy of Finance will inject part of its state share holdings into the State Social Security Fund, which will derive¹⁷ income from dividends¹⁸ paid on these investments and from the sale of shares to strategic investors.

This raises questions about whether the social security fund will be involved in the management of listed companies, and whether the government is yet prepared to face the idea of selling off majority stakes in listed firms to strategic investors.

Wu said questions like these are likely to remain unanswered, since the government's focus appears to be only on solving immediate¹⁹ problems.

       中文：上海早上收市 - 减持国有股叫停 / 沪股狂升
交易员称, 国务院正式宣布终止减持国有股, 上海A、B股今早狂 升7.7%及8.2%, 成交激增。

他们指, 种种迹象显示, 政府决心支撑股市, 激发投资者入市信心。

上证综合指数早上收市升120.61, 报1,683.33, 成交344.7亿人民币, 波幅介乎 1,647.50及1,709.06。

A股指数升125.71, 报1,756.74, 成交310.3亿人民币, 波幅介乎1,719.38及1,783.64。

上证30指数升238.05, 报3,106.56。

B股指数升11.65, 报153.39, 成交1,161万美元, 波幅介乎149.89及155.53。

上周市场传出政府将推出托市10招, 其后《中国证券报》周五发表头版评论, 强调中国市 场属「新兴」及「转轨」市场, 被视为当局有意为股市造势的证明, A、B股周五已偷步上扬。

到了周末, 媒体再刊类似评论, 财政部及中国证监也随即宣布, 停止在国内证券市场执行《减持国有股筹集社会保障资金管理暂行办法》中, 关于利用证券市场减持国有股的规定, 并不再推出具体的实施办法。

部分分析员预料, 在中共16大前, 当局仍会推动股市向上。