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Shanghai shares gain on QFII quota pledge
By Ye Zhen |
November 12, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks inched up in morning trading after China's top securities regulator pledged to increase quota for the Renminbi Qualified Foreign Institutional Investor (QFIIs) scheme to allow more oversea funds to enter the nation's securities market.
The key Shanghai Composite Index added 0.13 percent to 2,071.8 points. Turnover was 20.9 billion yuan (US$3.3 billion) by midday.
China will increase the quota for its RQFII scheme by 200 billion yuan once the current limit of 70 billion yuan is reached, Guo Shuqing, chairman of the China Securities Regulatory Commission, said yesterday.
The RQFII program was launched in 2011 to allow foreign investors to invest in mainland stocks and bonds with offshore yuan. The quota was raised from 20 billion yuan to 70 billion yuan in April.
The Chinese government is also mulling rules to expand the range of QFIIs and relax restrictions on shareholding ratio, according to the commission.
Property developers gained after data from the National Statistics Bureau showed that investment in the nation's real estate sector increased 15.4 percent annually to 5,763 billion yuan in the first ten months of this year.
Poly Real Estate, China's second largest developer, climbed 2.6 percent to 11.55 yuan. Gemdale Corporation added 1.3 percent to 5.40 yuan.
Power plants also advanced on expectations that electricity consumption in China will increase as the economy is humming again and the winter is approaching. Datang Huayin Electric Power Co surged by the daily limit of 10 percent to 4.38 yuan. Guangdong Meiyan Jixiang Hydropower Co jumped 4.7 percent to 2.67 yuan.
The key Shanghai Composite Index added 0.13 percent to 2,071.8 points. Turnover was 20.9 billion yuan (US$3.3 billion) by midday.
China will increase the quota for its RQFII scheme by 200 billion yuan once the current limit of 70 billion yuan is reached, Guo Shuqing, chairman of the China Securities Regulatory Commission, said yesterday.
The RQFII program was launched in 2011 to allow foreign investors to invest in mainland stocks and bonds with offshore yuan. The quota was raised from 20 billion yuan to 70 billion yuan in April.
The Chinese government is also mulling rules to expand the range of QFIIs and relax restrictions on shareholding ratio, according to the commission.
Property developers gained after data from the National Statistics Bureau showed that investment in the nation's real estate sector increased 15.4 percent annually to 5,763 billion yuan in the first ten months of this year.
Poly Real Estate, China's second largest developer, climbed 2.6 percent to 11.55 yuan. Gemdale Corporation added 1.3 percent to 5.40 yuan.
Power plants also advanced on expectations that electricity consumption in China will increase as the economy is humming again and the winter is approaching. Datang Huayin Electric Power Co surged by the daily limit of 10 percent to 4.38 yuan. Guangdong Meiyan Jixiang Hydropower Co jumped 4.7 percent to 2.67 yuan.
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