Bonus share issues pull index higher
Print Edition
COMPANIES planning bonus share issues helped Shanghai stocks to close slightly higher yesterday as they attracted fresh capital into the market,
The Shanghai Composite Index gained 0.22 percent to 2,959.24 points. For the whole week, the barometer shrank 3.86 percent — its worst performance since February.
Cable producer Hangzhou Cable Co jumped by the 10 percent daily limit to 14.08 yuan (US$2.17). Its share price has surged since last month after the company said it gave bonus shares to its stockholders. Bio-pharmaceutical company Jinyu Bio-technology Co also rose for the same reason and closed at 30.44 yuan, up 2.35 percent.
Xun Yugen, strategist at Haitong Securities, said in a report that companies which issued new bonus shares would normally attract investors.
Most listed companies have released their first-quarter earnings reports. Data released on Thursday showed 259 companies issued bonus shares out of the 1,516 listed firms which have released their reports.
However, investors “are still very skeptical as there’s still doubt over the sustainability of the Chinese share market,” said Hong Hao, strategist for China at Bocom International Holdings Co.
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