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Securities firms uplifting
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SHANGHAI shares rose yesterday as the launch of trial trading of new stock options gave a huge boost to securities companies.
The Shanghai Composite Index added 0.62 percent to 3,095.12 points.
The Shanghai Stock Exchange yesterday launched the trial trading of the SSE 50 exchange-traded fund stock options, the first of its kind in China’s A-share market.
An option is a contract which gives the investor the right to buy or sell an underlying asset at a specified strike price on or before a specified date, with the choice of whether or not to exercise the contract.
Individual investors need to have a minimum capital requirement of 500,000 yuan (US$80,056) to trade in the stock options while 1 million yuan is required of institutional investors.
Soochow Securities surged 9.84 percent to 20.10 yuan, Industrial Securities jumped 9.25 percent to 13.58 yuan, and Founder Securities rose 5.85 percent to 12.31 yuan.Drop in PE funds raised
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