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Shanghai shares surge on rising optimism index
By Ye Zhen |
March 20, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded this morning after reports showed Chinese lenders and entrepreneurs are more optimistic about the country's economic recovery.
The key Shanghai Composite Index jumped 2.1 percent, or 47.37 points, to 2,304.80 points. Turnover was 60.6 billion yuan (US$9.8 billion) by midday.
A central bank index measuring commercial banks' confidence about the national economy reached 72.2 percent in the first quarter, up 17.2 percentage points from the previous quarter, the People's Bank of China said in a report yesterday.
A separate report by the PBOC showed its entrepreneurs' confidence index increased 7.6 percentage points to 68 percent.
Brokerages advanced following reports that China's securities regulator has scrapped the capital threshold of 500,000 yuan for investors to start short selling and margin trading.
CITIC Securities, the country's biggest listed brokerage, rose 4.7 percent to 13.26 yuan. China Merchants Securities Co leaped 6.7 percent to 13.78 yuan. Haitong Securities Co climbed 4.9 percent to 11.37 yuan.
Lenders also gained. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 2 percent to 4.16 yuan. China Minsheng Banking Corp rose 5 percent to 10.82 yuan. China CITIC Bank Corp surged by the daily limit of 10 percent to 5.16 yuan.
The key Shanghai Composite Index jumped 2.1 percent, or 47.37 points, to 2,304.80 points. Turnover was 60.6 billion yuan (US$9.8 billion) by midday.
A central bank index measuring commercial banks' confidence about the national economy reached 72.2 percent in the first quarter, up 17.2 percentage points from the previous quarter, the People's Bank of China said in a report yesterday.
A separate report by the PBOC showed its entrepreneurs' confidence index increased 7.6 percentage points to 68 percent.
Brokerages advanced following reports that China's securities regulator has scrapped the capital threshold of 500,000 yuan for investors to start short selling and margin trading.
CITIC Securities, the country's biggest listed brokerage, rose 4.7 percent to 13.26 yuan. China Merchants Securities Co leaped 6.7 percent to 13.78 yuan. Haitong Securities Co climbed 4.9 percent to 11.37 yuan.
Lenders also gained. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 2 percent to 4.16 yuan. China Minsheng Banking Corp rose 5 percent to 10.82 yuan. China CITIC Bank Corp surged by the daily limit of 10 percent to 5.16 yuan.
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