Index soars on Zhou's reform call
By Hu Xiaocen |
May 18, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for the first time in five days, driving the index to its biggest gain in two weeks, after the People's Bank of China said the regulatory authorities will boost coordination and cooperation to support the reform of the country's capital market.
The Shanghai Composite Index jumped 1.4 percent, the biggest gain since May 2, to 2,378.89 points yesterday.
Zhou Xiaochuan, the PBOC governor, said in a meeting on Wednesday: "The multi-layered capital market is forming but requires further reform and innovation. The major function of the capital market is to support the real economy."
Brokerages rallied after China Securities Journal said the securities regulator may allow them to expand short selling.
Haitong Securities jumped 4.5 percent to 10.25 yuan (US$1.60), Industrial Securities surged 5.2 percent to 12.20 yuan, and China Merchants Securities soared 5.9 percent to close at 12.93 yuan.
Home appliance producers also rose on a State Council's statement which said China will extend 26.5 billion yuan in subsidies to promote the buying of energy-saving household appliances, and another 6 billion yuan for purchases of vehicles with engine capacity of under 1.6 liters.
Qingdao Haier Co, the nation's biggest maker of electrical appliances, edged up 0.6 percent to 12.10 yuan. Washing machine maker Hefei Rongshida Sanyo Electric Co soared 7.8 percent to 9.17 yuan.
The Shanghai Composite Index jumped 1.4 percent, the biggest gain since May 2, to 2,378.89 points yesterday.
Zhou Xiaochuan, the PBOC governor, said in a meeting on Wednesday: "The multi-layered capital market is forming but requires further reform and innovation. The major function of the capital market is to support the real economy."
Brokerages rallied after China Securities Journal said the securities regulator may allow them to expand short selling.
Haitong Securities jumped 4.5 percent to 10.25 yuan (US$1.60), Industrial Securities surged 5.2 percent to 12.20 yuan, and China Merchants Securities soared 5.9 percent to close at 12.93 yuan.
Home appliance producers also rose on a State Council's statement which said China will extend 26.5 billion yuan in subsidies to promote the buying of energy-saving household appliances, and another 6 billion yuan for purchases of vehicles with engine capacity of under 1.6 liters.
Qingdao Haier Co, the nation's biggest maker of electrical appliances, edged up 0.6 percent to 12.10 yuan. Washing machine maker Hefei Rongshida Sanyo Electric Co soared 7.8 percent to 9.17 yuan.
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