Late rally after HK moves on A shares
By Feng Jianmin and Pan Xiaoyi |
August 5, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday staged an afternoon rebound on reports that Hong Kong and Taiwan have gained approval to invest in the mainland's A-share market.
The benchmark Shanghai Composite Index added 0.44 percent, or 11.52 points, to close at 2,638.52, erasing a decline of as much as 1.4 percent in the last hour of trading. Turnover shrank to 112.8 billion yuan (US$16.6 billion) from Tuesday's 127.9 billion yuan.
K.C. Chan, secretary for Hong Kong's Financial Services and the Treasury Bureau, expects authorities to launch products in the short term to allow yuan deposits in Hong Kong to invest in mainland stocks on a trial basis, Hong Kong Commercial Daily said yesterday.
Meanwhile, Taiwan's financial watchdog said on Tuesday that Taiwan insurance firms can invest in mainland stocks, but the investment must be no more than 10 percent of their total overseas portfolio.
Auto makers outperformed the market after reports that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 1.3 percent higher at 10.33 yuan. SAIC edged up 0.5 percent to 15.15 yuan.
Steel makers led the losing stocks after China Iron and Steel Association said that more than 40 percent of domestic steel mills reduced their output in July. Baoshan Iron and Steel Co lost 1.6 percent to 6.35 yuan.
The benchmark Shanghai Composite Index added 0.44 percent, or 11.52 points, to close at 2,638.52, erasing a decline of as much as 1.4 percent in the last hour of trading. Turnover shrank to 112.8 billion yuan (US$16.6 billion) from Tuesday's 127.9 billion yuan.
K.C. Chan, secretary for Hong Kong's Financial Services and the Treasury Bureau, expects authorities to launch products in the short term to allow yuan deposits in Hong Kong to invest in mainland stocks on a trial basis, Hong Kong Commercial Daily said yesterday.
Meanwhile, Taiwan's financial watchdog said on Tuesday that Taiwan insurance firms can invest in mainland stocks, but the investment must be no more than 10 percent of their total overseas portfolio.
Auto makers outperformed the market after reports that the central government will invest some 100 billion yuan to promote new energy cars in the next decade. Chongqing Changan Automobile was 1.3 percent higher at 10.33 yuan. SAIC edged up 0.5 percent to 15.15 yuan.
Steel makers led the losing stocks after China Iron and Steel Association said that more than 40 percent of domestic steel mills reduced their output in July. Baoshan Iron and Steel Co lost 1.6 percent to 6.35 yuan.
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