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Shanghai shares rise in morning trading on fees cut
By Hu Xiaocen |
12:16 UTC+8 August 3, 2012
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session today as the securities regulator cut share trading fees and the central bank said it will fine-tune policies to maintain stable economic growth.
The Shanghai Composite Index gained 0.4 percent to 2,119.58 points by the noon break.
The China Securities Regulatory Commission yesterday said the transaction fee for stock trading on the China mainland's exchanges will reduce by 20 percent from September 1. After the third cut in a year, investors' trading cost will be lowered by 15.5 billion yuan (US$2.5 billion) a year in the securities and futures markets.
CSRC also said yesterday it is working with other government bodies on a plan to cut the stamp duty on trading shares, thrusting investors confidence.
Analysts said the moves showed policymakers' support to the market.
"The regulator continues to reduce market transaction costs, which increases market efficiency and reduces investors' burden," China Merchants Securities said in a report this morning.
Most brokerage firms gained in the morning on expectations that investors will be more active in trading after the fee cut amid the gloomy market. China Merchants Securities Co jumped 1.3 percent to 10.64 yuan. Founder Securities Co jumped 1.1 percent to 4.49 yuan. Haitong Securities Co shed 0.4 percent to 9.68 yuan.
The People's Bank of China said yesterday the government will conduct policy fine-tuning at an appropriated time, as a stable economic growth still prioritize its tasks at present.
Lenders were mixed after the central absorbed 86 billion yuan this week from the money market. Industrial and Commercial Bank of China, the nation's biggest lender, added 0.3 percent to 3.79 yuan. Bank of China, the third-biggest lender, gained 0.7 percent to 2.77 yuan. Shanghai Pudong Development Bank, the Shanghai-based lender, shed 0.6 percent to 7.7 yuan.
The Shanghai Composite Index gained 0.4 percent to 2,119.58 points by the noon break.
The China Securities Regulatory Commission yesterday said the transaction fee for stock trading on the China mainland's exchanges will reduce by 20 percent from September 1. After the third cut in a year, investors' trading cost will be lowered by 15.5 billion yuan (US$2.5 billion) a year in the securities and futures markets.
CSRC also said yesterday it is working with other government bodies on a plan to cut the stamp duty on trading shares, thrusting investors confidence.
Analysts said the moves showed policymakers' support to the market.
"The regulator continues to reduce market transaction costs, which increases market efficiency and reduces investors' burden," China Merchants Securities said in a report this morning.
Most brokerage firms gained in the morning on expectations that investors will be more active in trading after the fee cut amid the gloomy market. China Merchants Securities Co jumped 1.3 percent to 10.64 yuan. Founder Securities Co jumped 1.1 percent to 4.49 yuan. Haitong Securities Co shed 0.4 percent to 9.68 yuan.
The People's Bank of China said yesterday the government will conduct policy fine-tuning at an appropriated time, as a stable economic growth still prioritize its tasks at present.
Lenders were mixed after the central absorbed 86 billion yuan this week from the money market. Industrial and Commercial Bank of China, the nation's biggest lender, added 0.3 percent to 3.79 yuan. Bank of China, the third-biggest lender, gained 0.7 percent to 2.77 yuan. Shanghai Pudong Development Bank, the Shanghai-based lender, shed 0.6 percent to 7.7 yuan.
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