Approval of more QFII licenses helps index
By Ye Zhen |
August 15, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday as the regulator approved four more foreign institutional investors to invest in the stock market.
The Shanghai Composite Index added 0.3 percent to close at 2,142.52 points.
The China Securities Regulatory Commission said on Monday that it issued licenses to the four institutions, bringing the total number of qualified foreign institutional investors to 176.
The government has granted licenses to 41 foreign institutional investors so far this year, the most in nearly 10 years. Analysts said the acceleration of approvals under the QFII program would help ease a liquidity crunch in the market.
But some analysts remained pessimistic about the market outlook. Damo Investment Co cautioned that yesterday's rebound would not continue due to a delay in the government launching stimulus measures.
Lenders led the gains. Yang Rong, a bank analyst at China Securities Co, said optimism over banks' first-half earnings and expectations for an improved economic performance in the third quarter may propel demand for banking stocks.
The Bank of Communications added 0.2 percent to close at 4.48 yuan (70 US cents) after the CSRC approved its private share placement.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.83 yuan. The Agricultural Bank of China inched up 0.4 percent to finish at 2.54 yuan.
The Shanghai Composite Index added 0.3 percent to close at 2,142.52 points.
The China Securities Regulatory Commission said on Monday that it issued licenses to the four institutions, bringing the total number of qualified foreign institutional investors to 176.
The government has granted licenses to 41 foreign institutional investors so far this year, the most in nearly 10 years. Analysts said the acceleration of approvals under the QFII program would help ease a liquidity crunch in the market.
But some analysts remained pessimistic about the market outlook. Damo Investment Co cautioned that yesterday's rebound would not continue due to a delay in the government launching stimulus measures.
Lenders led the gains. Yang Rong, a bank analyst at China Securities Co, said optimism over banks' first-half earnings and expectations for an improved economic performance in the third quarter may propel demand for banking stocks.
The Bank of Communications added 0.2 percent to close at 4.48 yuan (70 US cents) after the CSRC approved its private share placement.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.83 yuan. The Agricultural Bank of China inched up 0.4 percent to finish at 2.54 yuan.
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