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Shanghai Composite soars 3% on QFII move
By Ye Zhen |
January 14, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks advanced the most in a month, sending the key index to a nearly seven-month high, after China's securities regulator said the government may raise the quota foreigners can invest in Chinese stocks by 10 times.
The key Shanghai Composite Index soared 3.06 percent, the biggest gain since December 14 last year, to close at 2,311.74 points, the highest close since June 18, 2012. Turnover was 123.6 billion yuan (US$19.9 billion).
China can increase as much as 10 times the current quotas of Renminbi Qualified Foreign Institutional Investment (QFII), Guo Shuqing, chairman of China Securities Regulatory Commission, said in Hong Kong today.
The market also surged on optimism that China's economy is likely to expand 8 percent this year, the Development Research Centre of the State Council said in a report last Friday. That will outpace an estimated growth rate of 7.7 percent in 2012.
Environment-related stocks jumped after Beijing suffered severe air pollution over the weekend. Beijing Capital Co, a company specializing in sewage treatment, advanced 3 percent to 4.41 yuan. Tianjin Capital Environmental Protection Group leaped 5.2 percent to 4.87 yuan.
Property developers were strong after a State Administration of Taxation official said the government won't expand the property tax trial in the short term. Poly Real Estate jumped 4.2 percent to 14.10 yuan. Gemdale Corporation climbed 4 percent to 7.08 yuan.
The key Shanghai Composite Index soared 3.06 percent, the biggest gain since December 14 last year, to close at 2,311.74 points, the highest close since June 18, 2012. Turnover was 123.6 billion yuan (US$19.9 billion).
China can increase as much as 10 times the current quotas of Renminbi Qualified Foreign Institutional Investment (QFII), Guo Shuqing, chairman of China Securities Regulatory Commission, said in Hong Kong today.
The market also surged on optimism that China's economy is likely to expand 8 percent this year, the Development Research Centre of the State Council said in a report last Friday. That will outpace an estimated growth rate of 7.7 percent in 2012.
Environment-related stocks jumped after Beijing suffered severe air pollution over the weekend. Beijing Capital Co, a company specializing in sewage treatment, advanced 3 percent to 4.41 yuan. Tianjin Capital Environmental Protection Group leaped 5.2 percent to 4.87 yuan.
Property developers were strong after a State Administration of Taxation official said the government won't expand the property tax trial in the short term. Poly Real Estate jumped 4.2 percent to 14.10 yuan. Gemdale Corporation climbed 4 percent to 7.08 yuan.
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