Faster QFII nod boosts key index
By Ye Zhen |
October 18, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday as China quickened the pace in approving foreign institutional investors.
The Shanghai Composite Index added 0.32 percent to 2,105.62 points.
Licenses were given to seven qualified foreign institutional investors in September, allowing them to invest in yuan-denominated stocks, according to the China Securities Regulatory Commission.
In the first nine months of this year, China has approved 53 QFIIs, compared with 28 in 2011 and 13 in 2010.
Huatai Securities said the faster QFII approval will facilitate the entry of overseas funds.
Banks gained on earnings optimism. The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.8 percent to 3.85 yuan (62 US cents). China Merchants Bank added 0.5 percent to 10.36 yuan, and Shanghai Pudong Development Bank gained 1.2 percent to close at 7.55 yuan.
The Shanghai Composite Index added 0.32 percent to 2,105.62 points.
Licenses were given to seven qualified foreign institutional investors in September, allowing them to invest in yuan-denominated stocks, according to the China Securities Regulatory Commission.
In the first nine months of this year, China has approved 53 QFIIs, compared with 28 in 2011 and 13 in 2010.
Huatai Securities said the faster QFII approval will facilitate the entry of overseas funds.
Banks gained on earnings optimism. The Industrial and Commercial Bank of China, the nation's largest lender, rose 0.8 percent to 3.85 yuan (62 US cents). China Merchants Bank added 0.5 percent to 10.36 yuan, and Shanghai Pudong Development Bank gained 1.2 percent to close at 7.55 yuan.
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