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Shanghai index up 1.1%, led by financial stocks
By Ye Zhen |
November 21, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks advanced the most in nearly three weeks, led by financial stocks after China's top securities regulator unveiled new measures to boost the capital market.
The key Shanghai Composite Index rose 1.1 percent, the biggest gain since November 1, to close at 2,030.32 points. Daily turnover was 39.7 billion yuan (US$6.4 billion).
The China Securities Regulatory Commission said in a statement on its website yesterday that it plans to allow insurance companies to sell mutual funds in an effort to expand the fund industry.
In another move, the commission issued new rules requiring fund management companies to adopt a strict system to detect, report and punish insider trading and create a level playing field for investors.
The commission also said it may raise the current investment cap of US$1 billion for Qualified Foreign Institutional Investors as capital inflows under the QFII program continue to accelerate.
China Life Insurance, the country's biggest insurer, rose 1.3 percent to 17.30 yuan. Ping An Insurance Co, the second largest insurer, jumped 3.1 percent to 36.44 yuan. China Pacific Insurance (Group) Co added 1.9 percent to 16.79 yuan.
Brokerages gained as a CSRC official said some 50 billion yuan will enter the brokerage sector after the regulator lowered the benchmark for calculating their risk capital reserves and net assets.
CITIC Securities, China's biggest listed brokerage, climbed 2.9 percent to 10.74 yuan. Haitong Securities Co added 3.6 percent to 8.60 yuan. Sinolink Securities Co rose 4 percent to 15.77 yuan.
Trade-related companies advanced after trade ministers of China, Japan and South Korea yesterday agreed to start negotiations on a trilateral free trade pact early next year. Jiangsu Lianyungang Port Co surged 6.1 percent to 3.46 yuan. Shandong Hiking International Co jumped 5.7 percent to 7.85 yuan.
The key Shanghai Composite Index rose 1.1 percent, the biggest gain since November 1, to close at 2,030.32 points. Daily turnover was 39.7 billion yuan (US$6.4 billion).
The China Securities Regulatory Commission said in a statement on its website yesterday that it plans to allow insurance companies to sell mutual funds in an effort to expand the fund industry.
In another move, the commission issued new rules requiring fund management companies to adopt a strict system to detect, report and punish insider trading and create a level playing field for investors.
The commission also said it may raise the current investment cap of US$1 billion for Qualified Foreign Institutional Investors as capital inflows under the QFII program continue to accelerate.
China Life Insurance, the country's biggest insurer, rose 1.3 percent to 17.30 yuan. Ping An Insurance Co, the second largest insurer, jumped 3.1 percent to 36.44 yuan. China Pacific Insurance (Group) Co added 1.9 percent to 16.79 yuan.
Brokerages gained as a CSRC official said some 50 billion yuan will enter the brokerage sector after the regulator lowered the benchmark for calculating their risk capital reserves and net assets.
CITIC Securities, China's biggest listed brokerage, climbed 2.9 percent to 10.74 yuan. Haitong Securities Co added 3.6 percent to 8.60 yuan. Sinolink Securities Co rose 4 percent to 15.77 yuan.
Trade-related companies advanced after trade ministers of China, Japan and South Korea yesterday agreed to start negotiations on a trilateral free trade pact early next year. Jiangsu Lianyungang Port Co surged 6.1 percent to 3.46 yuan. Shandong Hiking International Co jumped 5.7 percent to 7.85 yuan.
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