Financial stocks lead rebound
By Ding Yining |
July 18, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market rebounded from a three-year low yesterday, led by financial shares amid expectations that yuan-denominated exchange-traded funds could inject more capital into the A-share market.
The Shanghai Composite Index rallied 0.62 percent to 2,161.19 points. It fell to its lowest level since March 2009 on Monday.
The first yuan-denominated A-share exchange-traded fund under the RMB Qualified Foreign Institutional Investor program began trading in Hong Kong yesterday. The fund, tracking the CSI 300 index, would pump in as much as 5 billion yuan (US$784 million) into the domestic stock market if its quota is fully used.
Haitong Securities advanced 2.18 percent to 9.83 yuan. China Life Insurance Co rose 2.11 percent to 18.90 yuan.
CSR Corp, China's biggest train maker, advanced the most in a week after a government document showed the railway ministry increased its planned spending for this year by 9 percent.
Full-year railway spending will be 448.3 billion yuan, which indicates about 300 billion yuan of investment in the second half. CSR gained 1.2 percent to 4.35 yuan. China Railway Construction Corp, builder of more than half the nation's rail links, added 3.1 percent to 4.65 yuan.
The market's rebound, however, is regarded by analysts as temporary.
Changjiang Securities said the economic situation was still in a downward trend.
The Shanghai Composite Index rallied 0.62 percent to 2,161.19 points. It fell to its lowest level since March 2009 on Monday.
The first yuan-denominated A-share exchange-traded fund under the RMB Qualified Foreign Institutional Investor program began trading in Hong Kong yesterday. The fund, tracking the CSI 300 index, would pump in as much as 5 billion yuan (US$784 million) into the domestic stock market if its quota is fully used.
Haitong Securities advanced 2.18 percent to 9.83 yuan. China Life Insurance Co rose 2.11 percent to 18.90 yuan.
CSR Corp, China's biggest train maker, advanced the most in a week after a government document showed the railway ministry increased its planned spending for this year by 9 percent.
Full-year railway spending will be 448.3 billion yuan, which indicates about 300 billion yuan of investment in the second half. CSR gained 1.2 percent to 4.35 yuan. China Railway Construction Corp, builder of more than half the nation's rail links, added 3.1 percent to 4.65 yuan.
The market's rebound, however, is regarded by analysts as temporary.
Changjiang Securities said the economic situation was still in a downward trend.
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