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Shanghai stocks rally as China speeds up capital inflow
By Ye Zhen |
August 14, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHA stocks rebounded today as the government speeded up approval of foreign investment to allow more capital inflow into the stock market.
The benchmark Shanghai Composite Index rose 0.3 percent, or 6.45 points to close at 2,142.53 points. Turnover stood at 59.7 billion yuan (US$9.3 billion yuan).
China's top securities regulator issued licenses to four more foreign institutional investors to invest in the domestic securities market, bring the total number of qualified foreign institutional investors to 176.
The government has granted licenses to 41 foreign institutional investors so far this year, the most in the ten years.
Lenders led the market gains. Yang Rong, bank analyst at China Securities Co, said optimism for banks' first-half earnings and improved economic performance in the third quarter is likely to drive up demand for banking stocks.
Bank of Communications added 0.2 percent to close at 4.48 yuan after China's securities regulator gave it the green light to complete private share placement. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.83 yuan. Agricultural Bank of China inched up 0.4 percent to 2.54 yuan.
Oil-related stocks advanced on speculation the government may further raise retail prices of refined oils as international oil prices are rising. China Petroleum and Chemical Co (Sinopec), China's largest oil refiner, gained 1.1 percent to 6.19 yuan. China Oilfield Services Ltd jumped 3.2 percent to 17.34 yuan. Offshore Oil Engineering Co added 2 percent to 6 yuan.
The benchmark Shanghai Composite Index rose 0.3 percent, or 6.45 points to close at 2,142.53 points. Turnover stood at 59.7 billion yuan (US$9.3 billion yuan).
China's top securities regulator issued licenses to four more foreign institutional investors to invest in the domestic securities market, bring the total number of qualified foreign institutional investors to 176.
The government has granted licenses to 41 foreign institutional investors so far this year, the most in the ten years.
Lenders led the market gains. Yang Rong, bank analyst at China Securities Co, said optimism for banks' first-half earnings and improved economic performance in the third quarter is likely to drive up demand for banking stocks.
Bank of Communications added 0.2 percent to close at 4.48 yuan after China's securities regulator gave it the green light to complete private share placement. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 0.5 percent to 3.83 yuan. Agricultural Bank of China inched up 0.4 percent to 2.54 yuan.
Oil-related stocks advanced on speculation the government may further raise retail prices of refined oils as international oil prices are rising. China Petroleum and Chemical Co (Sinopec), China's largest oil refiner, gained 1.1 percent to 6.19 yuan. China Oilfield Services Ltd jumped 3.2 percent to 17.34 yuan. Offshore Oil Engineering Co added 2 percent to 6 yuan.
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