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Shanghai index up 0.14%, ending 5-day slide
By Hu Xiaocen |
March 14, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks snapped a five-day losing streak this morning after the securities regulator announced new measures for financial reform this year.
The Shanghai Composite Index gained 0.14 percent to 2,267.12 points by the noon break. The turnover was 35.5 billion yuan (US$5.7 billion).
The China Securities Regulatory Commission received 23 proposals last year and more than half have already been implemented, said Ouyang Changqiong, a CSRC official in Beijing, yesterday.
The commission encourages the establishment of specialized securities firms and this is one of the reform measures in the sector this year. All qualified major market players can apply for relevant business licenses, Ouyang said.
Other reform measures involve cross-border business, opening of branch offices, equity incentive for executives, and new approaches for risk control, he said.
Securities and futures brokerages gained 0.3 percent on average in morning trading. China Merchants Securities Co added 0.7 percent to 13.09 yuan. Soochow Securities Co advanced 1.2 percent to 8.69 yuan. CITIC Securities Co dipped 0.4 percent to 13.16 yuan.
The Shanghai Composite Index gained 0.14 percent to 2,267.12 points by the noon break. The turnover was 35.5 billion yuan (US$5.7 billion).
The China Securities Regulatory Commission received 23 proposals last year and more than half have already been implemented, said Ouyang Changqiong, a CSRC official in Beijing, yesterday.
The commission encourages the establishment of specialized securities firms and this is one of the reform measures in the sector this year. All qualified major market players can apply for relevant business licenses, Ouyang said.
Other reform measures involve cross-border business, opening of branch offices, equity incentive for executives, and new approaches for risk control, he said.
Securities and futures brokerages gained 0.3 percent on average in morning trading. China Merchants Securities Co added 0.7 percent to 13.09 yuan. Soochow Securities Co advanced 1.2 percent to 8.69 yuan. CITIC Securities Co dipped 0.4 percent to 13.16 yuan.
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