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Remark of securities chairman lifts market in morning
By Hu Xiaocen |
January 10, 2012, Tuesday
|
Online Edition
Online Edition
THE Shanghai Composite Index continued to climb on top securities official's call for measures to boost market confidence after Premier Wen Jiabao's similar remarks earlier.
The key index surged 1.53 percent, or 33.99 points, to 2,259.88 in the morning session with a turnover of 44.4 billion yuan (US$7 billion). All sectors gained with agricultural stocks taking the lead by a 4.35 percent jump.
Guo Shuqing, chairman of China Securities Regulatory Commission, called for measures to curb overpriced initial public offerings, to promote long term investment, and to strengthen market regulations during a work meeting in Beijing yesterday.
Wen made similar remarks during last Friday's national financial work conference in Beijing to boost investor confidence. The index then jumped most in three months by 2.89 percent yesterday after Wen's remarks were published over the weekend.
The securities watchdog has been working on measures to allow pension and housing funds to be invested in domestic stock markets since last year, which has sparked furies of debate among netizens across the country.
During the meeting, Guo reiterated his idea about promoting long term investment to curb speculation activities. He also urged to gradually enlarge the investment quota of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors, the two existing programs that help to channel capital back to the local stock markets, said the People's Daily.
The key index surged 1.53 percent, or 33.99 points, to 2,259.88 in the morning session with a turnover of 44.4 billion yuan (US$7 billion). All sectors gained with agricultural stocks taking the lead by a 4.35 percent jump.
Guo Shuqing, chairman of China Securities Regulatory Commission, called for measures to curb overpriced initial public offerings, to promote long term investment, and to strengthen market regulations during a work meeting in Beijing yesterday.
Wen made similar remarks during last Friday's national financial work conference in Beijing to boost investor confidence. The index then jumped most in three months by 2.89 percent yesterday after Wen's remarks were published over the weekend.
The securities watchdog has been working on measures to allow pension and housing funds to be invested in domestic stock markets since last year, which has sparked furies of debate among netizens across the country.
During the meeting, Guo reiterated his idea about promoting long term investment to curb speculation activities. He also urged to gradually enlarge the investment quota of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors, the two existing programs that help to channel capital back to the local stock markets, said the People's Daily.
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