Confidence boost sends stocks north for 6th day
Print Edition
SHANGHAI stocks yesterday rose for a sixth straight day after the country’s margin trading services provider reiterated its commitment to boosting market confidence.
The Shanghai Composite Index ended the day up 2.43 percent at 4,123.92 points after notching up its longest winning streak since May. The benchmark index has rallied 18 percent since bottoming out on July 8.
China Securities Finance Corp (CSF), which provides margin trading services to securities brokerages and monitors the health of the business, late on Wednesday dismissed claims it had reduced its holding in leading dairy producer Inner Mongolia Yili Industrial Group, saying it had not sold any of its stakes in listed companies.
CSF will continue to work toward the goals set by China’s securities regulator of stabilizing the market, maintaining investor confidence and preventing systemic risks, it said.
The clarification seemed to ease concerns among some investors.
Meanwhile, Soochow Asset Management said that there had been increased investment activity due to the release of firms’ mid-year reports, which was helping to bolster the ongoing market recovery.
Ping An Insurance (Group) Co, the country’s second-largest insurer, jumped 4.19 percent to 82.57 yuan (US$13.30) yesterday after it estimated that its first-half net profit rose 62 percent.
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