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Investors bank on brokers and coal firms
By Lydia Chen |
February 25, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday, with gains made by brokerages and coal producers which rose on hopes the escalating uprising in Middle East will boost demand for other energy resources.
The Shanghai Composite Index edged up 0.6 percent to 2,878.60. Turnover fell slightly to 137 billion yuan (US$20.90 billion) from Wednesday's 138 billion yuan.
Brokerages gained after China's securities regulator said margin trading and securities lending will become common for brokers to participate in this year. They will also be allowed to launch direct investment programs to buy stocks from companies.
Industrial Securities Co hiked 7.17 percent to 17.94 yuan. CITIC Securities Co jumped 3.3 percent to 13.97 yuan.
Coal miners benefitted from the spreading unrest in the Middle East and Libya. Almost all the coal producers closed higher yesterday.
Shanghai Datun Energy Resources Co added 3 percent to 28.28 yuan.
The chaos in the oil-producing region drove Brent crude to a 29-month high of above US$113, fanning hopes investors may jump into other resources.
High technology shares were also boosted by the central government's plan to expand its over-the-counter board for high-tech firms.
Suzhou New District Hi-tech Industrial Co and China Hi-Tech Group both rose by the daily cap of 10 percent.
The Shanghai Composite Index edged up 0.6 percent to 2,878.60. Turnover fell slightly to 137 billion yuan (US$20.90 billion) from Wednesday's 138 billion yuan.
Brokerages gained after China's securities regulator said margin trading and securities lending will become common for brokers to participate in this year. They will also be allowed to launch direct investment programs to buy stocks from companies.
Industrial Securities Co hiked 7.17 percent to 17.94 yuan. CITIC Securities Co jumped 3.3 percent to 13.97 yuan.
Coal miners benefitted from the spreading unrest in the Middle East and Libya. Almost all the coal producers closed higher yesterday.
Shanghai Datun Energy Resources Co added 3 percent to 28.28 yuan.
The chaos in the oil-producing region drove Brent crude to a 29-month high of above US$113, fanning hopes investors may jump into other resources.
High technology shares were also boosted by the central government's plan to expand its over-the-counter board for high-tech firms.
Suzhou New District Hi-tech Industrial Co and China Hi-Tech Group both rose by the daily cap of 10 percent.
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