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Shanghai index gains on preferred stock trial
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SHANGHAI stocks advanced this morning as property developers and financial firms gained after the government allowed blue-chip companies to issue preferred shares, even though data showed China’s manufacturing activity expanded at the slowest pace in eight months.
The key Shanghai Composite Index added 0.49 percent, or 10.09 points, to 2,057.71. Turnover was 59.5 billion yuan (US$9.8 billion) by midday.
The China Securities Regulatory Commission last week unveiled rules for the trial issue of preferred shares, allowing 50 blue-chip stocks on the Shanghai Stock Exchange to raise funds by selling preferred shares.
Other listed companies are also allowed to issue preferred shares if the proceeds are used to pay for acquisitions and buyback, the CSRC said after the market closed on Friday.
Analysts said the new funding vehicle will benefit lenders that are in need of capital replenishment and debt-ridden sectors such as housing and materials.
Poly Real Estate gained 1.7 percent to 7.32 yuan. China Fortune Land Co Ltd rose 4 percent to 26.80 yuan. Gemdale Corp added 0.6 percent to 6.63 yuan.
Industrial Bank Co increased 1.4 percent to 9.61 yuan. China Minsheng Banking Corp Ltd climbed 1.5 percent to 7.67 yuan.
The market rebound was restrained by the latest flash HSBC China Purchasing Managers' Index, which fell for a fifth straight month to 48.1 in March, down from February’s final reading of 48.5. A reading below the 50 indicates contraction.
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