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Investing.com-- Chinese shipping stocks rose on Monday after Washington and Beijing agreed on a preliminary trade framework aimed at averting new tariffs and easing tensions ahead of a key summit between U.S. President Donald Trump and Chinese President Xi Jinping later this week.
The framework, discussed in Kuala Lumpur, includes provisions for China to delay export controls on rare-earth minerals and magnets -- a major point of contention for the U.S. -- while Washington signaled it would suspend plans for a 100% tariff on Chinese imports set to take effect on Nov. 1.
The deal also outlines steps toward renewed Chinese purchases of U.S. soybeans and progress on disputes over shipping levies and port fees.
Shanghai-listed shares of COSCO Shipping Holdings (SS:601919), China’s largest container carrier, rose nearly 3% on Monday.
China Merchants Energy Shipping (SS:601872) gained over 2%, while Hong Kong-listed Orient Overseas International (HK:0316), a COSCO subsidiary that operates major trans-Pacific routes, jumped 3%.
SITC International (HK:1308), another regional container shipper, rose as much as 4%.