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Key barometer finishes at 4-month high
By Verain Ye |
December 21, 2012, Friday
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Print Edition
Print Edition
SHANGHAI stocks inched up yesterday, sending the key index to a four-month high, as brokerages rose on optimism a recovering stock market will boost profits.
The Shanghai Composite Index added 0.28 percent to 2,168.35 points, the highest close since August 10.
Domestic investors opened 101,533 accounts to trade A-shares in the week through December 14, up 19.61 percent from the previous week, according to China Securities Depository and Clearing Corp.
The number of accounts that traded in the week rose to an 11-week high of 8.6 million, up 17.7 percent from a week earlier, data showed.
"A dynamic stock market will benefit securities houses with more commissions," said Zhang Qi, analyst with Haitong Securities. "Meanwhile, an improving stock market will also boost the profitability of brokers' proprietary business."
CITIC Securities, China's biggest listed brokerage, added 2 percent to 12.04 yuan (US$1.93). Haitong Securities Co rose 2 percent to 9.51 yuan, and Soochow Securities Co gained 2.7 percent to 7.68 yuan.
Investors were also cheered by brighter economic prospects. The World Bank raised China's 2013 economic forecast from 8.1 percent to 8.4 percent.
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