Faster QFII approval lifts Shanghai index

By Ye Zhen | October 17, 2012, Wednesday |

Online Edition

SHANGHAI stocks rallied this morning as China's top securities regulator stepped up approval process for qualified foreign institutional investors to bring in long-term funds to revitalize the market.

The key Shanghai Composite Index added 0.11 percent, or 2.24 points, to 2,101.05 points. Turnover stood at 25 billion yuan (US$4 billion) by the noon break.

China issued Qualified Foreign Institutional Investor (QFII) licenses to seven overseas institutions in September, allowing them to buy yuan-denominated securities, the China Securities Regulatory Commission said yesterday.

China is easing the approvals for QFIIs to facilitate the entry of long-term funds into the stock market. A total of 53 foreign investment institutions obtained the licenses in the first nine months of this year, compared with 28 in 2011 and 13 in 2010.

Medical device producers gained the most. China Resources Wandong Medical Equipment Co rose 4.1 percent to 9.38 yuan. Topchoice Medical Investment Co climbed 3 percent to 22.45 yuan.

Most oil-related stocks rose. Zhejiang Haiyue Co jumped 5.1 percent to 10.16 yuan. China Petroleum and Chemical Co (Sinopec), China's largest oil refiner, gained 1.1 percent to 6.19 yuan. PetroChina Co, the second biggest player, added 0.3 percent to 8.90 yuan.

Property developers lost. China Vanke, the nation's biggest developer, shed 0.4 percent to 8.15 yuan. Poly Real Estate, the second largest developer, fell 1 percent to 10.53 yuan. Gemdale Corporation dipped 0.2 percent to 5.08 yuan.

Finance

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Faster QFII approval lifts Shanghai index

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