Index gets lift from optimism and funds
By Ye Zhen |
May 21, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for a fourth straight day to the highest in over seven weeks amid optimism in China's economic reforms as well as sufficient liquidity in the market.
The Shanghai Composite Index added 0.75 percent to 2,299.99 points, the highest close since March 27.
"The A-share market is gradually getting out of the haze as sentiment is boosted by the government's intention to deepen economic reforms, the delay of initial public offerings and growing expectations that controls on the real estate market may be relaxed," said Zhang Yanbing, analyst with Zheshang Securities Co.
Sentiment was also lifted by the ample market liquidity on an inflow of speculative funds after central banks worldwide cut interest rates, according to Tebon Securities.
The brokerage said 884.9 billion yuan (US$144 billion) in hot money has flowed to China since the start of the year, a sharp rebound from an outflow of 1.67 trillion yuan last year.
NARI Technology Development Co surged 6.1 percent to 23.51 yuan. Fiberhome Telecommunication Technologies Co rose 3.7 percent to 35.17 yuan.
A net inflow of 20 billion yuan to A-share accounts in the first 10 days of May ended an outflow since April, according to the China Securities Investor Protection Fund Corporation.
CITIC Securities, China's biggest listed broker, rose 1.2 percent to 12.94 yuan. Everbright Securities gained 3.9 percent to 13.95 yuan.
The Shanghai Composite Index added 0.75 percent to 2,299.99 points, the highest close since March 27.
"The A-share market is gradually getting out of the haze as sentiment is boosted by the government's intention to deepen economic reforms, the delay of initial public offerings and growing expectations that controls on the real estate market may be relaxed," said Zhang Yanbing, analyst with Zheshang Securities Co.
Sentiment was also lifted by the ample market liquidity on an inflow of speculative funds after central banks worldwide cut interest rates, according to Tebon Securities.
The brokerage said 884.9 billion yuan (US$144 billion) in hot money has flowed to China since the start of the year, a sharp rebound from an outflow of 1.67 trillion yuan last year.
NARI Technology Development Co surged 6.1 percent to 23.51 yuan. Fiberhome Telecommunication Technologies Co rose 3.7 percent to 35.17 yuan.
A net inflow of 20 billion yuan to A-share accounts in the first 10 days of May ended an outflow since April, according to the China Securities Investor Protection Fund Corporation.
CITIC Securities, China's biggest listed broker, rose 1.2 percent to 12.94 yuan. Everbright Securities gained 3.9 percent to 13.95 yuan.
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