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Shanghai index rallies to 3-week high
By Feng Jianmin and Pan Xiaoyi |
July 20, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks extended their gains to a three-week high on speculation that the government may allow inflows of foreign capital to ease liquidity concerns.
The benchmark Shanghai Composite Index went up 2.15 percent, or 53.31 points, to close at 2528.73. Turnover swelled to 116.4 billion yuan (US$ 17.1 billion) from yesterday's 79.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 2.75 percent to 1,020.36 points.
China's central bank has signed an agreement with Hong Kong government to allow banks in Hong Kong to provide a full range of yuan-related services for financial institutions.
This was seen as a progress towards the possibility for mainland brokerages to raise funds in Hong Kong to trade A shares.
China may also allow qualified foreign institutional investors, or QFIIs, to use as much as 10 percent of approved investment quotas to trade stock-index futures, the China Securities Journal reporter today, citing an unidentified person.
Energy-related stocks led the gainers after statistics from the International Energy Agency showed that China has surpassed the United States as the world's largest energy consumer.
China Shenhua Energy Co, the nation's largest coal producer, rose 1.9 percent to 22.83 yuan. Datong Coal Industry Co climbed 9.9 percent to 31.77 yuan. PetroChina, the biggest index component, added 1.56 to 10.35 yuan. Sinopec, Asia's largest oil refiner, advanced 3.6 percent to 8.38 yuan.
Property developers picked up after media reports said that supply of homes may increase in the second half. Gemdale Real Estate Corp rose 2 percent to 6.69 yuan. China Vanke edged up 0.9 percent to 7.81 yuan. Poly Real Estate (Group) Co rose 2.9 percent to 11.93 yuan.
The benchmark Shanghai Composite Index went up 2.15 percent, or 53.31 points, to close at 2528.73. Turnover swelled to 116.4 billion yuan (US$ 17.1 billion) from yesterday's 79.5 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, gained 2.75 percent to 1,020.36 points.
China's central bank has signed an agreement with Hong Kong government to allow banks in Hong Kong to provide a full range of yuan-related services for financial institutions.
This was seen as a progress towards the possibility for mainland brokerages to raise funds in Hong Kong to trade A shares.
China may also allow qualified foreign institutional investors, or QFIIs, to use as much as 10 percent of approved investment quotas to trade stock-index futures, the China Securities Journal reporter today, citing an unidentified person.
Energy-related stocks led the gainers after statistics from the International Energy Agency showed that China has surpassed the United States as the world's largest energy consumer.
China Shenhua Energy Co, the nation's largest coal producer, rose 1.9 percent to 22.83 yuan. Datong Coal Industry Co climbed 9.9 percent to 31.77 yuan. PetroChina, the biggest index component, added 1.56 to 10.35 yuan. Sinopec, Asia's largest oil refiner, advanced 3.6 percent to 8.38 yuan.
Property developers picked up after media reports said that supply of homes may increase in the second half. Gemdale Real Estate Corp rose 2 percent to 6.69 yuan. China Vanke edged up 0.9 percent to 7.81 yuan. Poly Real Estate (Group) Co rose 2.9 percent to 11.93 yuan.
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