Buyback plan cheers investors
By Ye Zhen |
October 11, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday on hopes that a share buyback program will boost sentiment.
The Shanghai Composite Index added 0.22 percent to end at 2,119.94 points.
Investors were cheered after Deng Zhixiong, an official at the State-owned Assets Supervision and Administration Commission, said the government encourages state-owned enterprises and listed companies to increase their shareholdings and buy back shares through the secondary market.
Analysts said companies buying back their stocks will demonstrate confidence in the market's prospects.
Automakers rose on hopes the government will provide subsidies to buy vehicles in rural areas. Beiqi Foton Motor Co gained 2.9 percent to 6.39 yuan (US$1.01). Anhui Jianghuai Automobile Co added 0.9 percent to 5.35 yuan. Guangzhou Automobile Group Co gained 2.5 percent to 5.43 yuan.
The Shanghai Composite Index added 0.22 percent to end at 2,119.94 points.
Investors were cheered after Deng Zhixiong, an official at the State-owned Assets Supervision and Administration Commission, said the government encourages state-owned enterprises and listed companies to increase their shareholdings and buy back shares through the secondary market.
Analysts said companies buying back their stocks will demonstrate confidence in the market's prospects.
Automakers rose on hopes the government will provide subsidies to buy vehicles in rural areas. Beiqi Foton Motor Co gained 2.9 percent to 6.39 yuan (US$1.01). Anhui Jianghuai Automobile Co added 0.9 percent to 5.35 yuan. Guangzhou Automobile Group Co gained 2.5 percent to 5.43 yuan.
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