Key index gains for 1st time in a week
By Hu Xiaocen and Feng Jianmin |
December 24, 2011, Saturday
|
Print Edition
Print Edition
THE Shanghai stock market yesterday rose for the first time in a week as offshore yuan platform licenses have been awarded and on speculation that property curbs may ease.
The Shanghai Composite Index rose by 0.9 percent to end at 2,204.78 points, trimming this week's loss to 0.9 percent.
Liquidity concerns eased after the China Securities Regulatory Commission said twelve brokerages and nine Hong Kong subsidiaries of fund management firms on the Chinese mainland have been granted RMB Qualified Foreign Institutional Investors licenses, a pilot scheme which allows yuan funds raised offshore to be invested in domestic capital markets.
No more than 20 percent of money raised by RQFII can be invested in the yuan-denominated A-share market under the CSRC rules, which limit the capital inflows to 4 billion yuan (US$600 million) in the short term.
Cement firms gained on hopes of a rise in demand after the housing ministry said the government will start to build and renovate over 7 million units of affordable homes next year. Minister of Housing and Urban-Rural Development Jiang Weixin also said 5 million units will be completed next year, higher than this year. Anhui Conch Cement Co, China's largest cement producer, rose 3.3 percent to 15.75 yuan.
Property firms rose on hopes restraints will ease next year after major cities across the country claimed their housing price control targets this year have been reached. Poly Real Estate Group rose 1.2 percent to 10.19 yuan.
The Shanghai Composite Index rose by 0.9 percent to end at 2,204.78 points, trimming this week's loss to 0.9 percent.
Liquidity concerns eased after the China Securities Regulatory Commission said twelve brokerages and nine Hong Kong subsidiaries of fund management firms on the Chinese mainland have been granted RMB Qualified Foreign Institutional Investors licenses, a pilot scheme which allows yuan funds raised offshore to be invested in domestic capital markets.
No more than 20 percent of money raised by RQFII can be invested in the yuan-denominated A-share market under the CSRC rules, which limit the capital inflows to 4 billion yuan (US$600 million) in the short term.
Cement firms gained on hopes of a rise in demand after the housing ministry said the government will start to build and renovate over 7 million units of affordable homes next year. Minister of Housing and Urban-Rural Development Jiang Weixin also said 5 million units will be completed next year, higher than this year. Anhui Conch Cement Co, China's largest cement producer, rose 3.3 percent to 15.75 yuan.
Property firms rose on hopes restraints will ease next year after major cities across the country claimed their housing price control targets this year have been reached. Poly Real Estate Group rose 1.2 percent to 10.19 yuan.
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