Boost for brokerages helps index rise 1.18%
By Pan Xiaoyi |
January 6, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose over 1 percent to end at a three-week high yesterday, led by brokerages and coal producers, on reports that index futures may be introduced as early as March and on expectations of higher coal prices over the winter.
The Shanghai Composite Index gained 1.18 percent, or 38.42 points, to close at 3,282.86. Turnover rose to 161.9 billion yuan (US$23.8 billion) from 133.8 billion yuan on Monday.
Bloomberg News yesterday cited a source as saying the China Securities Regulatory Commission had gained "in principle" approval from China's Cabinet to introduce index futures while the first contract, based on China's CSI 300 Index, may begin trading in March.
"Brokerages will be the biggest beneficiaries as leading brokers of the index futures trading business whose transaction volume may be many times that of the main board," said Liang Jing, a Guotai Jun'an Securities Co analyst.
Everbright Securities Co rose by the 10 percent daily cap to 27.24 yuan. The brokerage said it got approval from the securities watchdog to set up another five outlets. CITIC Securities Co advanced 4.9 percent to 32.82 yuan. Haitong Securities Co rose 3.8 percent to 19.24 yuan. Pacific Securities Co was up 5.5 percent to 18.77 yuan.
China Shenhua Energy Co climbed 2.5 percent to 35.13 yuan. Yanzhou Coal Mining Co rose 4.3 percent to 24.21 yuan. China Coal Energy Co was up 3.8 percent to 13.97 yuan. Datong Coal Industry rose 3.9 percent to 46.54 yuan.
Bucking the upward trend, real estate developers plunged on reports the government was moving closer to imposing a property tax to rein in speculation amid soaring house prices.
Shanghai-based Shimao Co retreated 4.2 percent to 15.6 yuan. Poly Real Estate Group dropped 3.1 percent to 21.22 yuan. Gemdale Corp was down 2 percent at 13.24 yuan.
The Shanghai Composite Index gained 1.18 percent, or 38.42 points, to close at 3,282.86. Turnover rose to 161.9 billion yuan (US$23.8 billion) from 133.8 billion yuan on Monday.
Bloomberg News yesterday cited a source as saying the China Securities Regulatory Commission had gained "in principle" approval from China's Cabinet to introduce index futures while the first contract, based on China's CSI 300 Index, may begin trading in March.
"Brokerages will be the biggest beneficiaries as leading brokers of the index futures trading business whose transaction volume may be many times that of the main board," said Liang Jing, a Guotai Jun'an Securities Co analyst.
Everbright Securities Co rose by the 10 percent daily cap to 27.24 yuan. The brokerage said it got approval from the securities watchdog to set up another five outlets. CITIC Securities Co advanced 4.9 percent to 32.82 yuan. Haitong Securities Co rose 3.8 percent to 19.24 yuan. Pacific Securities Co was up 5.5 percent to 18.77 yuan.
China Shenhua Energy Co climbed 2.5 percent to 35.13 yuan. Yanzhou Coal Mining Co rose 4.3 percent to 24.21 yuan. China Coal Energy Co was up 3.8 percent to 13.97 yuan. Datong Coal Industry rose 3.9 percent to 46.54 yuan.
Bucking the upward trend, real estate developers plunged on reports the government was moving closer to imposing a property tax to rein in speculation amid soaring house prices.
Shanghai-based Shimao Co retreated 4.2 percent to 15.6 yuan. Poly Real Estate Group dropped 3.1 percent to 21.22 yuan. Gemdale Corp was down 2 percent at 13.24 yuan.
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