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Margin trading hopes boost index
By Joyce Pan |
March 22, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly higher today on speculation shares could get a boost from the launch of margin trading.
The benchmark Shanghai Composite Index gained 0.22 percent, or 6.83 points, to close at 3,074.58 points. Turnover stood at 113.4 billion yuan (US$16.7 billion). Gainers outnumbered losers 532 to 320 and 37 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.43 percent to close at 1,186.53 points.
China's securities watchdog has approved the first batch of six brokerages eligible for the trial program of margin trading. Sinolink Securities Co estimated the margin trading business could bring between 60 billion yuan and 90 billion yuan to the A-share market, boosting the gauge.
Lenders led the gainers. Bank of Communications edged up 0.4 percent to 8.13 yuan. Pudong Development Bank jumped 1.9 percent to 22.21 yuan. China Merchants Bank added 0.9 percent to 15.67 yuan.
Bucking the upward trend, metal producers retreated on dropping futures prices. India has raised interest rates to curb inflation, leading to concerns that demand for metals will be depressed.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal, plunged 2.7 percent to 13.28 yuan. Jiangxi Copper Co decreased 1.2 percent to 35.27 yuan. Yunnan Chihong Zinc & Germanium Co withdrew 1.4 percent to 22.17 yuan.
Zijin Mining Group Co, the country's largest gold producer, eased 0.6 percent to 8.28 yuan. Zhongjin Gold Corp, the second biggest by market value, fell 0.8 percent to 49.22 yuan. Shandong Gold Mining Co fell 1.8 percent to 68.14 yuan.
The benchmark Shanghai Composite Index gained 0.22 percent, or 6.83 points, to close at 3,074.58 points. Turnover stood at 113.4 billion yuan (US$16.7 billion). Gainers outnumbered losers 532 to 320 and 37 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.43 percent to close at 1,186.53 points.
China's securities watchdog has approved the first batch of six brokerages eligible for the trial program of margin trading. Sinolink Securities Co estimated the margin trading business could bring between 60 billion yuan and 90 billion yuan to the A-share market, boosting the gauge.
Lenders led the gainers. Bank of Communications edged up 0.4 percent to 8.13 yuan. Pudong Development Bank jumped 1.9 percent to 22.21 yuan. China Merchants Bank added 0.9 percent to 15.67 yuan.
Bucking the upward trend, metal producers retreated on dropping futures prices. India has raised interest rates to curb inflation, leading to concerns that demand for metals will be depressed.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal, plunged 2.7 percent to 13.28 yuan. Jiangxi Copper Co decreased 1.2 percent to 35.27 yuan. Yunnan Chihong Zinc & Germanium Co withdrew 1.4 percent to 22.17 yuan.
Zijin Mining Group Co, the country's largest gold producer, eased 0.6 percent to 8.28 yuan. Zhongjin Gold Corp, the second biggest by market value, fell 0.8 percent to 49.22 yuan. Shandong Gold Mining Co fell 1.8 percent to 68.14 yuan.
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