P.M. BRIEFING : Shanghai Stock Market Reopens

From Times Wire Services

Trading on the Shanghai stock exchange resumed today after a break of more than 40 years caused by foreign invasion and the Communist revolution.

To the sound of “When the Saints Go Marching In” played by a venerable Chinese jazz band, dealers in red waistcoats took to the floor of the Shanghai Securities Exchange under a giant electronic screen.

Powerful patrons of the exchange, who overcame opposition from hard-line Communist Party ideologues in Beijing, stressed the socialist nature of the exchange in opening ceremony speeches.

At first, trading will be limited to 30 issues, most of which are bonds, with only eight corporate stocks. Volumes will be minuscule compared with the Asian giants Tokyo, Taipei and Hong Kong.