Key index climbs on strength of brokerages
By Ye Zhen |
December 29, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks advanced to a more than six-month high yesterday as brokerages gained after the securities regulator relaxed rules on subordinate bond issuances to expand financing channels for securities firms.
The Shanghai Composite Index rose 1.24 percent to 2,233.25 points, its highest close since June 21. The index gained 3.64 percent this week, its fourth consecutive weekly rise.
The China Securities Regulatory Commission has lowered the threshold for institutional investors to purchase subordinate bonds from brokerages, shortened the maturity period of long-term subordinate debts and eased capital requirements allowing long-term subordinated debt to count toward brokerages' net capital.
The regulator also allowed securities firms to issue subordinated debt on the country's stock exchanges, interbank markets and other qualified trading venues.
"The measures will expand funding channels and improve net capital at brokerages," China Securities Research said in a report, adding that both are important in allowing space for innovation in the sector.
CITIC Securities, China's biggest listed brokerage, jumped 7.9 percent to 13.16 yuan (US$2.11). Haitong Securities increased 5.1 percent to 10.05 yuan. Sinolink Securities Co surged the daily limit of 10 percent to 17.24 yuan.
Property developers continued to benefit from the government's urbanization scheme. Poly Real Estate rose 2.1 percent to 13.16 yuan.
The Shanghai Composite Index rose 1.24 percent to 2,233.25 points, its highest close since June 21. The index gained 3.64 percent this week, its fourth consecutive weekly rise.
The China Securities Regulatory Commission has lowered the threshold for institutional investors to purchase subordinate bonds from brokerages, shortened the maturity period of long-term subordinate debts and eased capital requirements allowing long-term subordinated debt to count toward brokerages' net capital.
The regulator also allowed securities firms to issue subordinated debt on the country's stock exchanges, interbank markets and other qualified trading venues.
"The measures will expand funding channels and improve net capital at brokerages," China Securities Research said in a report, adding that both are important in allowing space for innovation in the sector.
CITIC Securities, China's biggest listed brokerage, jumped 7.9 percent to 13.16 yuan (US$2.11). Haitong Securities increased 5.1 percent to 10.05 yuan. Sinolink Securities Co surged the daily limit of 10 percent to 17.24 yuan.
Property developers continued to benefit from the government's urbanization scheme. Poly Real Estate rose 2.1 percent to 13.16 yuan.
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