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Shanghai shares rise on news of margin trading, index futures
By Ding Yining |
January 11, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market rose more than 1 percent in the morning session led by brokerages after government approved index futures, margin trading and short selling, which are expected to boost trading volumes.
The benchmark Shanghai Composite Index added 1.35 percent, or 43.09 points, to close at 3,239.09 points. Turnover was 107 billion yuan(US$15.7 billion). Gainers outnumbered losers 492 to 366, and 55 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.28 percent to close at 1,191.23 points.
Index futures, which will be traded on the China Financial Futures Exchange in Shanghai, will take about three months to start up, while the trial period for margin trading and short selling will come soon, the China Securities Regulatory Commission said on Friday.
The China Securities Journal reported today that eleven brokerages including Citic Securities and Haitong Securities will vie to be picked to start a pilot program for margin trading and short selling, citing an unidentified regulator. The report didn't say how many of them will be chosen or when the trial program will start.
Citic Securities rallied 5.02 percent to 33.88 yuan and Haitong advanced 3.70 percent to 19.63 yuan. Sinolink Securities rose 2.32 percent to 24.72 yuan. Changjiang Securities was up 2.06 percent to 20.85 yuan.
The General Administration of Customs said yesterday exports in December increased for the first time in 15 months, climbing 17.7 percent from a year ago to US$130/7 billion. Exports totalled US$1.2 trillion in 2009.
Banking shares were also among the gainers. Shanghai Pudong Development Bank rose 1.84 percent to 21.07 yuan. China Construction Bank advanced 2.65 percent to close at 6.20 yuan. Bank of Communications jumped 2.34 percent to 9.20 yuan.
Property shares dropped after the State Council issued a statement over the weekend to require central-government departments and local governments to strengthen management and facilitate stable and sound development of the real estate market.
China Vanke Co, the biggest listed domestic real estate developer, was down 0.77 percent to 10.27 yuan. Gemdale Corporation lost 1.72 percent to 13.15 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 1.71 percent to 24.66 yuan.
Metal producers showed mixed results. Zijin Mining Co rose 1.70 percent to 9.59 yuan. Shandong Gold Mining Co jumped 1.80 percent to 79.06 yuan. Jiangxi Copper Co dipped 0.07 percent to 40.18 yuan.
The benchmark Shanghai Composite Index added 1.35 percent, or 43.09 points, to close at 3,239.09 points. Turnover was 107 billion yuan(US$15.7 billion). Gainers outnumbered losers 492 to 366, and 55 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.28 percent to close at 1,191.23 points.
Index futures, which will be traded on the China Financial Futures Exchange in Shanghai, will take about three months to start up, while the trial period for margin trading and short selling will come soon, the China Securities Regulatory Commission said on Friday.
The China Securities Journal reported today that eleven brokerages including Citic Securities and Haitong Securities will vie to be picked to start a pilot program for margin trading and short selling, citing an unidentified regulator. The report didn't say how many of them will be chosen or when the trial program will start.
Citic Securities rallied 5.02 percent to 33.88 yuan and Haitong advanced 3.70 percent to 19.63 yuan. Sinolink Securities rose 2.32 percent to 24.72 yuan. Changjiang Securities was up 2.06 percent to 20.85 yuan.
The General Administration of Customs said yesterday exports in December increased for the first time in 15 months, climbing 17.7 percent from a year ago to US$130/7 billion. Exports totalled US$1.2 trillion in 2009.
Banking shares were also among the gainers. Shanghai Pudong Development Bank rose 1.84 percent to 21.07 yuan. China Construction Bank advanced 2.65 percent to close at 6.20 yuan. Bank of Communications jumped 2.34 percent to 9.20 yuan.
Property shares dropped after the State Council issued a statement over the weekend to require central-government departments and local governments to strengthen management and facilitate stable and sound development of the real estate market.
China Vanke Co, the biggest listed domestic real estate developer, was down 0.77 percent to 10.27 yuan. Gemdale Corporation lost 1.72 percent to 13.15 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd retreated 1.71 percent to 24.66 yuan.
Metal producers showed mixed results. Zijin Mining Co rose 1.70 percent to 9.59 yuan. Shandong Gold Mining Co jumped 1.80 percent to 79.06 yuan. Jiangxi Copper Co dipped 0.07 percent to 40.18 yuan.
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