Chinese stocks rose, halting the benchmark index’s longest stretch of losses in two months, after the leaders of China and Taiwan agreed to meet this weekend for the first time since a civil war seven decades ago.
The Shanghai Composite Index advanced for the first time in four days, rising 1.2 percent to 3,356.62 at 9:59 a.m. local time, as eight stocks gained for each one that fell. Fujian Cement Inc., Fujian Expressway Development Co., Xiamen International Trade Group Corp. all soared by the 10 percent daily limit. Fujian is the mainland Chinese province closest to Taiwan and Xiamen is one of its major cities.
China’s President Xi Jinping and Taiwan’s President Ma Ying-jeou will talk in Singapore on Saturday, Ma’s office said in statement late Tuesday evening in Taipei. China’s official Xinhua News Agency confirmed the meeting in a short report that said the two would meet as “leaders” and exchange opinions on promoting the peaceful development of relations across the Taiwan strait. The meeting raises prospects for closer economic and political ties between China and Taiwan, which have been governed separately since Mao Zedong’s Communist Party took power on the mainland in 1949.
The Hang Seng China Enterprises Index jumped 2.6 percent in Hong Kong. The CSI 300 Index advanced 1.6 percent. Hong Kong’s Hang Seng Index climbed 2 percent.