Related News
Shanghai shares rebound, led by tech zones, mineral producers
By Ye Zhen |
August 6, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI shares gained the most in more than five weeks today, led by development zones and rare earth producers as the government tried to reenergize the flagging economy.
The benchmark Shanghai Composite Index rose 1.04 percent, or 22.12 points to settle at 2,154.92 points, the highest in two weeks. Turnover was 61.2 billion yuan (US$9.7 billion) at the trading close.
The State Council, China's cabinet, has approved a plan to extend a trial of over-the-counter equity trading among private firms to three development zones in Shanghai, Wuhan and Tianjin, according to China Securities Regulatory Commission.
The trial began in Beijing's Zhongguancun high-tech zone in 2006 in a bid to open more funding channels for technology start-ups.
The OCT boards will provide equity transition and private placement services to innovative firms, the regulator said.
Development zones are winners today. Shanghai Zhangjiang High-Tech Park Development Co surged 9.7 percent to 8.13 yuan. Suzhou New District Hi-Tech Industrial Co jumped by the 10 percent daily limit to 5.12 yuan.
Brokerages also gained as the expanded OCT trial will bring them more business. Liang Jing, an analyst at Guotai Junan Securities, expects the total revenue of brokerages to grow by 430 million yuan this year, 2.3 billion yuan in 2013, 8.6 billion in 2014 and 29.2 billion in 2015.
Citic Securities, the biggest listed brokerage, rose 1.6 percent to 12.20 yuan. Soochow Securities Co advanced 2.7 percent to 8.66 yuan. Founder Securities Co added 2 percent to 4.63 yuan.
Xiamen Tungsten Co led the gains for rare earth producers, jumping the daily limit of 10 percent to close at 41.87 yuan, after Fujian Government said the company would play a core role in the consolidation of the province's rare earth industry. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 9.4 percent to 41.46 yuan.
The benchmark Shanghai Composite Index rose 1.04 percent, or 22.12 points to settle at 2,154.92 points, the highest in two weeks. Turnover was 61.2 billion yuan (US$9.7 billion) at the trading close.
The State Council, China's cabinet, has approved a plan to extend a trial of over-the-counter equity trading among private firms to three development zones in Shanghai, Wuhan and Tianjin, according to China Securities Regulatory Commission.
The trial began in Beijing's Zhongguancun high-tech zone in 2006 in a bid to open more funding channels for technology start-ups.
The OCT boards will provide equity transition and private placement services to innovative firms, the regulator said.
Development zones are winners today. Shanghai Zhangjiang High-Tech Park Development Co surged 9.7 percent to 8.13 yuan. Suzhou New District Hi-Tech Industrial Co jumped by the 10 percent daily limit to 5.12 yuan.
Brokerages also gained as the expanded OCT trial will bring them more business. Liang Jing, an analyst at Guotai Junan Securities, expects the total revenue of brokerages to grow by 430 million yuan this year, 2.3 billion yuan in 2013, 8.6 billion in 2014 and 29.2 billion in 2015.
Citic Securities, the biggest listed brokerage, rose 1.6 percent to 12.20 yuan. Soochow Securities Co advanced 2.7 percent to 8.66 yuan. Founder Securities Co added 2 percent to 4.63 yuan.
Xiamen Tungsten Co led the gains for rare earth producers, jumping the daily limit of 10 percent to close at 41.87 yuan, after Fujian Government said the company would play a core role in the consolidation of the province's rare earth industry. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 9.4 percent to 41.46 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
