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Shanghai stocks rebound on rising sentiment
By Ye Zhen |
September 27, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rallied today, reaching a three-week high amid speculation the government may take steps to boost market confidence.
The benchmark Shanghai Composite Index advanced 2.6 percent to 2,056.32 points. Turnover was 60.3 billion yuan (US$9.6 billion) at the trading close.
The index rose 3.2 percent in the afternoon on rumors that the China Securities Regulatory Commission would announce measures to lift the stock market after a meeting later today. Some said the country's top securities regulator would suspend initial public offerings.
"There are high hopes that the government will introduce market-boosting measures ahead of the upcoming Communist Party congress to curb the continuous fall of Chinese stocks," said Shenyin & Wanguo Securities.
The index erased some of afternoon gains after a regulatory insider denied the rumors.
The commission said on Monday that it will resume IPO auditing process for two companies on September 28 after a two-month suspension. Investors are worried that the launch of more IPOs will further drain market liquidity.
Financial stocks led the market up. CITIC Securities, China's biggest listed brokerage, rose 4.9 percent to 11.54 yuan. Haitong Securities Co climbed 6.3 percent to 9.42 yuan. Soochow Securities Co surged 9.5 percent to 8.52 yuan. Sinolink Securities Co jumped by the daily limit of 10 percent to 14.37 yuan.
Lenders advanced after the central bank injected 180 billion yuan into the banking system via reverse repurchase agreements. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 2.5 percent to 3.73 yuan. China Construction Bank Corporation added 2.1 percent to 3.92 yuan. China Merchants Bank rose 3.4 percent to 10.08 yuan.
The benchmark Shanghai Composite Index advanced 2.6 percent to 2,056.32 points. Turnover was 60.3 billion yuan (US$9.6 billion) at the trading close.
The index rose 3.2 percent in the afternoon on rumors that the China Securities Regulatory Commission would announce measures to lift the stock market after a meeting later today. Some said the country's top securities regulator would suspend initial public offerings.
"There are high hopes that the government will introduce market-boosting measures ahead of the upcoming Communist Party congress to curb the continuous fall of Chinese stocks," said Shenyin & Wanguo Securities.
The index erased some of afternoon gains after a regulatory insider denied the rumors.
The commission said on Monday that it will resume IPO auditing process for two companies on September 28 after a two-month suspension. Investors are worried that the launch of more IPOs will further drain market liquidity.
Financial stocks led the market up. CITIC Securities, China's biggest listed brokerage, rose 4.9 percent to 11.54 yuan. Haitong Securities Co climbed 6.3 percent to 9.42 yuan. Soochow Securities Co surged 9.5 percent to 8.52 yuan. Sinolink Securities Co jumped by the daily limit of 10 percent to 14.37 yuan.
Lenders advanced after the central bank injected 180 billion yuan into the banking system via reverse repurchase agreements. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 2.5 percent to 3.73 yuan. China Construction Bank Corporation added 2.1 percent to 3.92 yuan. China Merchants Bank rose 3.4 percent to 10.08 yuan.
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