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Shanghai stocks edge higher in morning session
By Ye Zhen |
January 22, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning with the composite index rising 0.09 percent to 2,330.32 points. Turnover was 62.9 billion yuan (US$10.1 billion) at midday.
Most brokerages gained after China expanded margin-trading and short-selling businesses by allowing 22 more securities companies to pilot a refinancing mechanism, bringing the number of firms in the trial program to 52.
CITIC Securities, China's biggest listed brokerage, advanced 1.4 percent to 14 yuan. Sinolink Securities Co rose 0.7 percent to 18.55 yuan. Industrial Securities added 0.6 percent to 12.09 yuan.
Lenders gained despite a cut in bank card charges. Industrial and Commercial Bank of China, the nation's largest lender, rose 1.4 percent to 4.26 yuan. China Merchants Bank increased 2.8 percent to 13.95 yuan. Shanghai Pudong Development Bank Co climbed 2.9 percent to 10.70 yuan.
The National Development and Reform Commission, China's top economic planner, yesterday announced to cut bank card service fees in a bid to boost domestic consumption. Fee reductions range from 20 percent to 35.7 percent according to types of business.
The commission expects the cut will save Chinese businesses about 4 billion yuan a year, but analysts say the move may further erode lenders' profits by up to 20 percent.
Distilleries led the decliners as fund companies pared their holdings of liquor stocks. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.8 percent to 191.82 yuan. Sichuan Tuopai Shede Wine Co slumped 3.1 percent to 27.07 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 3.2 percent to 38.83 yuan.
Most brokerages gained after China expanded margin-trading and short-selling businesses by allowing 22 more securities companies to pilot a refinancing mechanism, bringing the number of firms in the trial program to 52.
CITIC Securities, China's biggest listed brokerage, advanced 1.4 percent to 14 yuan. Sinolink Securities Co rose 0.7 percent to 18.55 yuan. Industrial Securities added 0.6 percent to 12.09 yuan.
Lenders gained despite a cut in bank card charges. Industrial and Commercial Bank of China, the nation's largest lender, rose 1.4 percent to 4.26 yuan. China Merchants Bank increased 2.8 percent to 13.95 yuan. Shanghai Pudong Development Bank Co climbed 2.9 percent to 10.70 yuan.
The National Development and Reform Commission, China's top economic planner, yesterday announced to cut bank card service fees in a bid to boost domestic consumption. Fee reductions range from 20 percent to 35.7 percent according to types of business.
The commission expects the cut will save Chinese businesses about 4 billion yuan a year, but analysts say the move may further erode lenders' profits by up to 20 percent.
Distilleries led the decliners as fund companies pared their holdings of liquor stocks. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.8 percent to 191.82 yuan. Sichuan Tuopai Shede Wine Co slumped 3.1 percent to 27.07 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 3.2 percent to 38.83 yuan.
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