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Shanghai index rises as CSRC eases concern about international board
By Ye Zhen |
June 5, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up today after the country's top securities watchdog said there is no timetable for launching an international board, easing concern shares of overseas-based companies would divert funds from local equities.
The benchmark Shanghai Composite Index rose 0.15 percent, or 3.37 points to end at 2,311.92 points. Turnover was 64.1 billion yuan (US$10.2 billion) at the trading close.
Authorities are still working on the overall mechanism for an international board that will allow foreign companies to list yuan-denominated shares, but there is no timetable for launching it, the China Securities Regulatory Commission said yesterday.
The statement was in response to a joint guideline released by eight ministries last Friday saying the country is planning to allow foreign companies to list in the A-share market. The guideline led to a 2.7 percent drop in the Shanghai Composite Index yesterday.
Consumer electronics gained today after the government released details about a subsidy scheme for energy-saving appliances including refrigerators, washing machines and water heaters. Qingdao Haier Co gained 1.6 percent to close at 11.83 yuan. Hefei Rongshida Sanyo Electric Co added 0.8 percent to 8.60 yuan.
Brokerages dropped today. Citic Securities, the biggest listed brokerage, lost 1.6 percent to finish at 13.13 yuan. Founder Securities Co declined 3 percent to 5.21 yuan. Haitong Securities Co fell 1.3 percent to 10.06 yuan.
Insurers were mixed. China Life Insurance, the country's biggest insurer, shed 0.8 percent to 16.81 yuan. Ping An Insurance Co, the nation's second largest insurer, edged down 0.3 percent to 40.67 yuan. China Pacific Insurance (Group) Co rose 0.3 percent to end at 20.37 yuan.
The benchmark Shanghai Composite Index rose 0.15 percent, or 3.37 points to end at 2,311.92 points. Turnover was 64.1 billion yuan (US$10.2 billion) at the trading close.
Authorities are still working on the overall mechanism for an international board that will allow foreign companies to list yuan-denominated shares, but there is no timetable for launching it, the China Securities Regulatory Commission said yesterday.
The statement was in response to a joint guideline released by eight ministries last Friday saying the country is planning to allow foreign companies to list in the A-share market. The guideline led to a 2.7 percent drop in the Shanghai Composite Index yesterday.
Consumer electronics gained today after the government released details about a subsidy scheme for energy-saving appliances including refrigerators, washing machines and water heaters. Qingdao Haier Co gained 1.6 percent to close at 11.83 yuan. Hefei Rongshida Sanyo Electric Co added 0.8 percent to 8.60 yuan.
Brokerages dropped today. Citic Securities, the biggest listed brokerage, lost 1.6 percent to finish at 13.13 yuan. Founder Securities Co declined 3 percent to 5.21 yuan. Haitong Securities Co fell 1.3 percent to 10.06 yuan.
Insurers were mixed. China Life Insurance, the country's biggest insurer, shed 0.8 percent to 16.81 yuan. Ping An Insurance Co, the nation's second largest insurer, edged down 0.3 percent to 40.67 yuan. China Pacific Insurance (Group) Co rose 0.3 percent to end at 20.37 yuan.
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