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Optimism lifts Shanghai index to 4-month high
By Ye Zhen |
December 20, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded to a four-month high today as brokerages grew optimistic about their earnings as the stock market gradually recovers.
The Shanghai Composite Index added 0.28 percent to 2,168.35 points, the highest closing since August 10, with a daily turnover of 80 billion yuan (US$12.9 billion).
Domestic investors opened 101,500 accounts for A-share trading in the week through December 14, up 19.55 percent from the previous week, according to China Securities Depository and Clearing Corporation Ltd.
The number of accounts that executed transactions in the week rose to an 11-week high of 8.6 million, up 17.70 percent from a week earlier, data showed.
Analysts said a dynamic stock market will benefit securities houses with more commissions, their major source of income.
CITIC Securities, the biggest listed brokerage, rose 2 percent to 12.04 yuan. Haitong Securities Co added 2 percent to 9.51 yuan. Soochow Securities Co climbed 2.7 percent to 7.68 yuan.
Non-ferrous metals producers were among the big gainers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 6.9 percent to 38.26 yuan. Rising Nonferrous Metals Share Co surged by the daily limit of 10 percent to 54.14 yuan.
The Shanghai Composite Index added 0.28 percent to 2,168.35 points, the highest closing since August 10, with a daily turnover of 80 billion yuan (US$12.9 billion).
Domestic investors opened 101,500 accounts for A-share trading in the week through December 14, up 19.55 percent from the previous week, according to China Securities Depository and Clearing Corporation Ltd.
The number of accounts that executed transactions in the week rose to an 11-week high of 8.6 million, up 17.70 percent from a week earlier, data showed.
Analysts said a dynamic stock market will benefit securities houses with more commissions, their major source of income.
CITIC Securities, the biggest listed brokerage, rose 2 percent to 12.04 yuan. Haitong Securities Co added 2 percent to 9.51 yuan. Soochow Securities Co climbed 2.7 percent to 7.68 yuan.
Non-ferrous metals producers were among the big gainers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 6.9 percent to 38.26 yuan. Rising Nonferrous Metals Share Co surged by the daily limit of 10 percent to 54.14 yuan.
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