Key index extends gains on IPO news
By Ye Zhen |
January 30, 2013, Wednesday
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Print Edition
Print Edition
SHANGHAI stocks extended gains yesterday for a second day after a news report indicated the stock regulator may hold back new IPOs in a bid to boost market confidence.
The Shanghai Composite Index added 0.53 percent to 2,358.98 points. The index has increased over 20 percent since it declined to a four-year low on December 4.
The China Securities Regulatory Commission is not likely to approve new initial public offerings until June as it tightened supervision over IPOs, the Economic Information Daily reported yesterday, citing an unnamed source close to the regulator. The news eased concerns that additional supply of shares will divert funds and hurt the market.
The CSRC earlier this month told domestic IPO applicants to conduct internal financial checks and submit the reports before March 31. It will also form investigation teams to spot-check 20 to 50 IPO applications.
Most lenders climbed on speculation they are undervalued.
China Merchants Bank added 3 percent to 14.60 yuan. China Minsheng Banking Corp gained 2.6 percent to 10.26 yuan.
The Shanghai Composite Index added 0.53 percent to 2,358.98 points. The index has increased over 20 percent since it declined to a four-year low on December 4.
The China Securities Regulatory Commission is not likely to approve new initial public offerings until June as it tightened supervision over IPOs, the Economic Information Daily reported yesterday, citing an unnamed source close to the regulator. The news eased concerns that additional supply of shares will divert funds and hurt the market.
The CSRC earlier this month told domestic IPO applicants to conduct internal financial checks and submit the reports before March 31. It will also form investigation teams to spot-check 20 to 50 IPO applications.
Most lenders climbed on speculation they are undervalued.
China Merchants Bank added 3 percent to 14.60 yuan. China Minsheng Banking Corp gained 2.6 percent to 10.26 yuan.
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