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Shanghai shares rise on housing fund move
By Ye Zhen |
February 27, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning after China's securities regulator said it is planning to invest the public housing fund in stocks as part of an effort to channel long-term funds into the capital market.
The benchmark Shanghai Composite Index rose 0.34 percent to 2,301.15 points. Turnover was 50.4 billion yuan (US$8.12 billion) by the noon break.
China's Securities Regulatory Commission yesterday said it is preparing to invest the housing provident fund in stocks and will work with the relevant departments to improve the management of the fund.
Brokerages led the advance of financial stocks after the regulator said it will lower the threshold to allow more securities firms to conduct asset-backed securities businesses.
"The move will help promote asset-backed securities business and benefit brokerages with new revenue streams," China Merchants Securities Co said in a report today.
CITIC Securities, the country's biggest listed brokerage, increased 2.1 percent to 13.83 yuan. Founder Securities Co advanced 3.8 percent to 6.5 yuan. Haitong Securities Co added 2 percent to 11.68 yuan.
Property developers also gained. Poly Real Estate, China's second-largest developer, rose 3.1 percent to 12.29 yuan. Gemdale Corporation jumped 3.3 percent to 6.94 yuan.
The benchmark Shanghai Composite Index rose 0.34 percent to 2,301.15 points. Turnover was 50.4 billion yuan (US$8.12 billion) by the noon break.
China's Securities Regulatory Commission yesterday said it is preparing to invest the housing provident fund in stocks and will work with the relevant departments to improve the management of the fund.
Brokerages led the advance of financial stocks after the regulator said it will lower the threshold to allow more securities firms to conduct asset-backed securities businesses.
"The move will help promote asset-backed securities business and benefit brokerages with new revenue streams," China Merchants Securities Co said in a report today.
CITIC Securities, the country's biggest listed brokerage, increased 2.1 percent to 13.83 yuan. Founder Securities Co advanced 3.8 percent to 6.5 yuan. Haitong Securities Co added 2 percent to 11.68 yuan.
Property developers also gained. Poly Real Estate, China's second-largest developer, rose 3.1 percent to 12.29 yuan. Gemdale Corporation jumped 3.3 percent to 6.94 yuan.
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