Key index sees best week since November
Print Edition
SHANGHAI stocks rose yesterday, sending the key index to the biggest weekly gain in over four months amid talk that China may have eased curbs on margin trading.
The Shanghai Composite Index rose 1.7 percent to 2,955.15 points in a six-day winning streak. For the week, the index added 5.2 percent, the most since November, after China’s securities regulator said shifting to a registration-based initial public offering system may be delayed.
The market’s gain yesterday was also due to rumors that China may have eased control on margin financing for stock investment via non-brokerage channels. Margin financing had helped Chinese stocks more than double in a year before it was banned in 2015 amid a market meltdown.
Speculation swirled that Chinese commercial banks had resumed non-brokerage margin lending and that Hundsun Technologies Inc would re-open its HOMS financial investment platform which facilitates non-brokerage margin funding.
Although Hundsun Technologies denied the rumor in a filing yesterday, its shares surged by the daily limit of 10 percent for a second day yesterday. Hithink RoyalFlush Information Network also leapt 10 percent.
Property developers rose after official data showed new home prices rose monthly in 47 of 70 large- and medium-sized cities in February, up from 38 in January.
Gemdale Corp climbed 3.4 percent to close at 12.27 yuan (US$1.89).
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