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Chinese shares rise on news of index futures launch next month
By Leo Zhang |
March 29, 2010, Monday
|
Online Edition
Online Edition
CHINESE shares jumped in the morning session, led by heavy-weighted chips and brokers, after the securities regulator late Friday approved the country's first stock index futures to be traded next month.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.04 percent to 3,122.15 at the mid-day break. Turnover stood at 93.48 billion yuan (US$13.7 billion). Gainers outnumbered losers by 490 against 319 while 29 counters remained unchanged.
"We see a strong interest in blue chips on the news of stock index futures," said Liu Yu, an Orient Securities Co trader. "It could spur a short-term rally, especially in quality companies with heavy weightings in the benchmark index."
The Shenzhen Composite Index, which covers the smaller exchange, grew 0.88 percent to 1,196.68.
China Petroleum and Chemical Corp, Asia's biggest refiner, advanced 2.46 percent to 12.08 yuan. The company said today its profit for 2009 more than doubled to 61.8 billion yuan from a year before.
China Construction Bank, the country's No.2 lender by market value, rose 2.51 to 5.72 yuan, after announcing its net income more than doubled year on year to 20.7 billion yuan in the fourth quarter.
Brokerages were strong amid investors' expectations that the index futures business will boost their revenues. The China Financial Futures Exchange said Friday that it would launch the index futures on April 16.
The first stock-index contracts will track the CSI 300 index, which tracks the biggest 300 companies listed in Shanghai and Shenzhen. The products allow investors to hedge against risks and profit from the declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.28 percent to 28.31 yuan. GF Securities Co increased 2.80 percent to 57.32 yuan. Shanghai-based Haitong Securities Co was up 3.01 percent at 17.10 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.04 percent to 3,122.15 at the mid-day break. Turnover stood at 93.48 billion yuan (US$13.7 billion). Gainers outnumbered losers by 490 against 319 while 29 counters remained unchanged.
"We see a strong interest in blue chips on the news of stock index futures," said Liu Yu, an Orient Securities Co trader. "It could spur a short-term rally, especially in quality companies with heavy weightings in the benchmark index."
The Shenzhen Composite Index, which covers the smaller exchange, grew 0.88 percent to 1,196.68.
China Petroleum and Chemical Corp, Asia's biggest refiner, advanced 2.46 percent to 12.08 yuan. The company said today its profit for 2009 more than doubled to 61.8 billion yuan from a year before.
China Construction Bank, the country's No.2 lender by market value, rose 2.51 to 5.72 yuan, after announcing its net income more than doubled year on year to 20.7 billion yuan in the fourth quarter.
Brokerages were strong amid investors' expectations that the index futures business will boost their revenues. The China Financial Futures Exchange said Friday that it would launch the index futures on April 16.
The first stock-index contracts will track the CSI 300 index, which tracks the biggest 300 companies listed in Shanghai and Shenzhen. The products allow investors to hedge against risks and profit from the declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.28 percent to 28.31 yuan. GF Securities Co increased 2.80 percent to 57.32 yuan. Shanghai-based Haitong Securities Co was up 3.01 percent at 17.10 yuan.
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