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Banks and brokers rise on Shanghai-HK stock program
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SHANGHAI stocks continued a bullish run this morning as brokerages and lenders were bolstered by the imminent link between Shanghai and Hong Kong stock markets.
The key Shanghai Composite Index added 1.32 percent to a three-year high of 2,506.45 points. Turnover was 202.7 billion yuan (US$33.1 billion) by midday.
Bank of China, the country’s fourth largest lender by assets, leapt by the daily limit of 10 percent after it was designated as the sole clearing bank for the Shanghai-Hong Kong Stock Connect.
Other banks also gained as analysts said increased capital flows brought by the program will benefit undervalued blue-chip shares, including those of banks.
China Construction Bank rose 5 percent to 4.41 yuan. Industrial and Commercial Bank of China rose 5.7 percent to 3.88 yuan.
The securities regulators on mainland and Hong Kong said yesterday that the long-awaited program to allow cross-border trading of shares on Shanghai and Hong Kong exchange will kick off on November 17.
Brokerages benefited the most from the link. CITIC Securities added 3.5 percent to 14.61 yuan. Founder Securities jumped 8 percent to 7.31 yuan.
Shanghai Stock Exchange said yesterday that the market has met the condition for resumption of T+0 trading system and the regulator is considering a trial on the system.
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