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Move to restart IPOs help shares close higher
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SHANGHAI shares rose to their highest in 11 weeks yesterday, with brokerages and banks leading the surge following the decision to resume initial public offerings by the end of the year.
The Shanghai Composite Index climbed 1.58 percent to close at 3,646.88 points, the highest since August 20.
The Shanghai gauge has soared more than 24 percent since the bottom of a crash in August, technically marking a return to a bull market, market watchers said.
China Citic Bank jumped by the 10 percent daily cap to 7.66 yuan (US$1.20). The other 14 listed banks all rose by over 2 percent. Western Securities Co rose 8.4 percent to 30.58 yuan.
Investors welcomed the move announced on Friday by the China Securities Regulatory Commission to resume IPOs after improvements have been made to the listing system. The CSRC said investors will no longer be required to raise funds when applying for IPO subscriptions. They only pay after a successful stock allocation.
Not locking in IPO deposits “should ease liquidity disruption during IPOs. The market should stretch its rebound now,” Hong Hao, managing director and head of research at BOCOM International Holdings Co, wrote in a note.
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