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January 12, 2010

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Home » Business » Finance

Brokerages pull up key index

SHANGHAI'S stocks ended higher yesterday, led by brokerages which are likely to benefit from the Chinese government's green light last Friday for the launch of index futures, margin trading and short selling.

The Shanghai Composite Index edged up 0.52 percent, or 16.75 points, to close at 3,212.75. Turnover totaled 177.6 billion yuan (US$26 billion).

It will take about three months to prepare for the trading of index futures on the China Financial Futures Exchange in Shanghai while margin trading and short selling will be launched relatively soon, the China Securities Regulatory Commission said last Friday.

The China Securities Journal reported yesterday that 11 brokerages, including Citic Securities and Haitong Securities, hope to be the first to be picked to start a pilot program for margin trading and short selling, citing an unidentified regulator. The report didn't say how many of them will be chosen or when the trial program will start.

Citic Securities gained 3.6 percent to 33.42 yuan and Haitong rose 1.06 percent to 19.13 yuan. Everbright Securities jumped 1.49 percent to 28.55 yuan.

The General Administration of Customs said yesterday that China's exports in December rose for the first time in 15 months by 17.7 percent from a year ago to US$130.7 billion. For the whole of 2009, exports are said to total US$1.2 trillion.

Banks were among the gainers. The Industrial and Commercial Bank of China, the nation's biggest lender, rose 1.34 percent to end at 5.30 yuan and China Construction Bank climbed 1.66 percent to finish at 6.14 yuan.


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