Related News
Shanghai stocks rally, boosted by brokerages
By Ye Zhen |
August 28, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning after brokerages are allowed to conduct short selling and margin trading businesses starting today in a move to inject more liquidity into the market.
The key Shanghai Composite Index rose 0.03 percent or 0.53 points to 2,056.24 points. Turnover stood at 19.2 billion yuan (US$3 billion) at midday.
China Securities Finance Corp yesterday issued re-lending rules for margin trading and short selling business that has been in trial practice since 2010.
China Securities Finance Corp is an intermediary that borrows cash or securities from banks, fund management firms and insurers and lends them to brokerages. With a registered capital of 12 billion yuan, the company is capable of lending as much as 120 billion yuan to brokerages.
The stocks of most brokerages advanced. Haitong Securities Co added 0.5 percent to 8.11 yuan. Sinolink Securities Co rose 1.2 percent to 10.25 yuan. China Merchants Securities Co increased 0.7 percent to 9.62 yuan.
Lenders also rose. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 0.3 percent to 3.83 yuan. China Construction Bank Corporation gained 0.5 percent to 4 yuan. Agricultural Bank of China rose 0.4 percent to 2.50 yuan.
Baoshan Iron and Steel Co, China's largest steel maker, jumped by the daily limit of 10 percent to 4.48 yuan after it announced a plan to buy back 5 billion yuan worth of shares at as much as 5 yuan per share in a bid to boost investor confidence.
The key Shanghai Composite Index rose 0.03 percent or 0.53 points to 2,056.24 points. Turnover stood at 19.2 billion yuan (US$3 billion) at midday.
China Securities Finance Corp yesterday issued re-lending rules for margin trading and short selling business that has been in trial practice since 2010.
China Securities Finance Corp is an intermediary that borrows cash or securities from banks, fund management firms and insurers and lends them to brokerages. With a registered capital of 12 billion yuan, the company is capable of lending as much as 120 billion yuan to brokerages.
The stocks of most brokerages advanced. Haitong Securities Co added 0.5 percent to 8.11 yuan. Sinolink Securities Co rose 1.2 percent to 10.25 yuan. China Merchants Securities Co increased 0.7 percent to 9.62 yuan.
Lenders also rose. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 0.3 percent to 3.83 yuan. China Construction Bank Corporation gained 0.5 percent to 4 yuan. Agricultural Bank of China rose 0.4 percent to 2.50 yuan.
Baoshan Iron and Steel Co, China's largest steel maker, jumped by the daily limit of 10 percent to 4.48 yuan after it announced a plan to buy back 5 billion yuan worth of shares at as much as 5 yuan per share in a bid to boost investor confidence.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
