Shanghai Composite up 0.87%, buoyed by brokerages

By Feng Jianmin | December 31, 2013, Tuesday |

Online Edition

Shanghai stocks traded higher this morning, led by brokerages after China’s securities regulator approved the initial public offerings of five companies in January.

The benchmark Shanghai Composite Index rose 0.87 percent by the noon break to 2,115.79 points. Midday turnover was 37.6 billion yuan (US$6.2 billion).

The five companies were allowed to sell shares after their IPO plans were shelved for more than a year due to a weak market. One of them will be listed on the Shanghai Stock Exchange and the rest will be listed on the Shenzhen bourse in southern Guangdong Province.

Brokerages gained on speculation that the resumption of IPOs will bring them new business and more revenue. China Merchants Securities rose 3.4 percent to 12.91 yuan. Pacific Securities Co climbed 5.6 percent to 6.06 yuan.

Banks also advanced after China’s top auditor said the quality of assets behind the government debts is quite high and their risks are manageable.

Shanghai Pudong Development Bank Co increased 3 percent to 9.48 yuan. Industrial and Commercial Bank of China added 0.9 percent to 3.58 yuan.

Local government debt swelled to 17.9 trillion yuan in China, the National Audit Office said yesterday. The figure is in line with market expectations.

Finance

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Shanghai Composite up 0.87%, buoyed by brokerages

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