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Shanghai index gains on better trade data, QFII move
By Ye Zhen |
November 12, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks rallied today, snapping a five-day losing trend, after China posted better-than-expected trade data and its top securities regulator pledged to let more foreign investment enter the nation's capital market.
The key Shanghai Composite Index added 0.5 percent to close at 2,079.27 points with daily trading reaching 42.1 billion yuan (US$6.7 billion).
China's economic recovery was further confirmed by data from the General Administration of Customs, which showed the country's trade surplus grew from US$27 billion in September to US$32 billion in October. Exports surged 11.6 percent year on year while imports increased 2.4 percent.
Investors were also boosted by the government's plan to raise the quota for the Renminbi Qualified Foreign Institutional Investor (QFIIs) scheme, believing it will channel more funds to revitalize the domestic capital market.
China will increase the quota for its RQFII scheme by 200 billion yuan once the current limit of 70 billion yuan is reached, Guo Shuqing, chairman of the China Securities Regulatory Commission, said yesterday.
The RQFII program was launched in 2011 to allow foreign investors to invest in mainland stocks and bonds with offshore yuan. The quota was raised from 20 billion yuan to 70 billion yuan in April.
Property developers advanced as official data showed that investment in the real estate sector rose 15.4 percent annually to 5,763 billion yuan in the first ten months. Poly Real Estate, China's second largest developer, climbed 3.2 percent to 11.62 yuan. Gemdale Corporation added 2.4 percent to 5.46 yuan.
Environment-related stocks also gained as the central government is stepping up effort in soil protection. Beijing Capital Co, a sewage treatment company, increased 2.7 percent to 4.14 yuan. Tianjin Capital Environmental Protection Group surged 7 percent to 4.79 yuan.
The key Shanghai Composite Index added 0.5 percent to close at 2,079.27 points with daily trading reaching 42.1 billion yuan (US$6.7 billion).
China's economic recovery was further confirmed by data from the General Administration of Customs, which showed the country's trade surplus grew from US$27 billion in September to US$32 billion in October. Exports surged 11.6 percent year on year while imports increased 2.4 percent.
Investors were also boosted by the government's plan to raise the quota for the Renminbi Qualified Foreign Institutional Investor (QFIIs) scheme, believing it will channel more funds to revitalize the domestic capital market.
China will increase the quota for its RQFII scheme by 200 billion yuan once the current limit of 70 billion yuan is reached, Guo Shuqing, chairman of the China Securities Regulatory Commission, said yesterday.
The RQFII program was launched in 2011 to allow foreign investors to invest in mainland stocks and bonds with offshore yuan. The quota was raised from 20 billion yuan to 70 billion yuan in April.
Property developers advanced as official data showed that investment in the real estate sector rose 15.4 percent annually to 5,763 billion yuan in the first ten months. Poly Real Estate, China's second largest developer, climbed 3.2 percent to 11.62 yuan. Gemdale Corporation added 2.4 percent to 5.46 yuan.
Environment-related stocks also gained as the central government is stepping up effort in soil protection. Beijing Capital Co, a sewage treatment company, increased 2.7 percent to 4.14 yuan. Tianjin Capital Environmental Protection Group surged 7 percent to 4.79 yuan.
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