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Shanghai index up 0.33% in morning trading
By Ye Zhen |
December 28, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks climbed this morning after the central bank pledged to deepen financial reforms to support the country's real economy and minimize potential systemic risks.
The key Shanghai Composite Index added 0.33 percent to 2,213.13 points. Turnover was 42.4 billion yuan (US$6.8 billion) by midday.
China will continue its prudent monetary policy next year while making it more flexible and preemptive, the People's Bank of China said on its website yesterday.
The central bank said it will pay close attention to financial risks and prevent potential systemic and regional risks to ensure the country's financial stability.
Brokerages led the advance of financial stocks after China's top securities regulator allowed them to issue subordinated debt in the inter-bank market and other qualified trading venues in an attempt to expand brokerages' funding channel and reduce their financing cost.
Citic Securities, the biggest listed brokerage, increased 1.1 percent to 12.33 yuan. Sinolink Securities Co jumped 6.1 percent to 16.62 yuan. Everbright Securities added 3 percent to 13.18 yuan.
China Merchants Bank rose 1.3 percent to 12.78 yuan. Industrial Bank Co increased 1.4 percent to 16.28 yuan. Shanghai Pudong Development Bank Co advanced 1.2 percent to 9.50 yuan.
The key Shanghai Composite Index added 0.33 percent to 2,213.13 points. Turnover was 42.4 billion yuan (US$6.8 billion) by midday.
China will continue its prudent monetary policy next year while making it more flexible and preemptive, the People's Bank of China said on its website yesterday.
The central bank said it will pay close attention to financial risks and prevent potential systemic and regional risks to ensure the country's financial stability.
Brokerages led the advance of financial stocks after China's top securities regulator allowed them to issue subordinated debt in the inter-bank market and other qualified trading venues in an attempt to expand brokerages' funding channel and reduce their financing cost.
Citic Securities, the biggest listed brokerage, increased 1.1 percent to 12.33 yuan. Sinolink Securities Co jumped 6.1 percent to 16.62 yuan. Everbright Securities added 3 percent to 13.18 yuan.
China Merchants Bank rose 1.3 percent to 12.78 yuan. Industrial Bank Co increased 1.4 percent to 16.28 yuan. Shanghai Pudong Development Bank Co advanced 1.2 percent to 9.50 yuan.
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