Index rises despite slew of new shares
Print Edition
SHANGHAI shares extended their gains for a second day yesterday after investors showed little concern over liquidity pressure amid this week’s initial public offerings’ subscriptions.
The Shanghai Composite Index rose 1.7 percent to 4,910.53 points.
The number of new A-share trading accounts opened last week hit 4.4 million, the seventh straight week the number beat 2 million. The number rose by 1.8 million from the previous week, the China Securities Depositary and Clearing Co said yesterday.
The weekly number is a new historical high since a reform which allowed investors up to 20 accounts in the A-share market was rolled out in April.
A total of 2.43 million new stock accounts were opened last week in the Shanghai market, data showed, while that in the Shenzhen market reached 1.97 million.
The combined accounts on the two bourses amounted to 216 million as of last week, data showed.
Eleven companies, including China National Nuclear Power Co, opened their IPO subscriptions yesterday while another 12 firms will start theirs today.
The 23 new IPOs are expected to draw up to 8.3 trillion yuan (US$1.3 trillion) but investors are optimistic that government policies will continue to support the rally in the market.
China Everbright Bank, one of the most actively traded shares yesterday, surged 4.9 percent to 5.74 yuan on news it has secured regulatory approval to issue preference shares in a domestic private placement.
Wu Kan, a money manager at Dragon Life Insurance Co, predicted the Shanghai Composite will soon hit 5,000 points.
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