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Shanghai stocks rebound on upbeat moves
By Hu Xiaocen |
January 6, 2012, Friday
|
Online Edition
Online Edition
THE Shanghai Composite Index reversed its tumble since New Year's Day as the investment arm of the central government increased its stakes in the Industrial and Commercial Bank of China while the RMB Qualified Foreign Institutional Investors program kicked off by issuing its first batch of products in Hong Kong.
The key stocks index rebound 0.7 percent to 2,163.39 points at the close of trading, with a turnover of 39.5 billion yuan (US$6.27 billion).
In the last two months, the state-owned Central Huijin Investment Company added 38.5 million shares to its holdings in ICBC, the nation's largest bank. Since it announced last October to increase holdings in China's four biggest commercial banks, Central Huijin has amassed 53 million ICBC shares by the end of 2011. It now holds 35.43 percent of ICBC's total outstanding.
Banks were up 0.52 percent today with ICBC gaining 0.74 percent to 4.28 yuan. China Construction Bank led the climb with a 1.53 percent jump to 4.65 yuan.
The RQFII, launched by the China Securities Regulatory Commission to allow yuan funds raised offshore into China's capital market, began today with the first issue of financial products.
However no more than 20 percent of money raised by RQFII can be invested in the A-share market due to a central bank regulation that limits the capital inflows to four billion yuan in the short run.
Brokers climbed 2.71 percent across the board. Industrial Securities took the lead with a 8.68 percent jump to close at 9.64 yuan.
The key stocks index rebound 0.7 percent to 2,163.39 points at the close of trading, with a turnover of 39.5 billion yuan (US$6.27 billion).
In the last two months, the state-owned Central Huijin Investment Company added 38.5 million shares to its holdings in ICBC, the nation's largest bank. Since it announced last October to increase holdings in China's four biggest commercial banks, Central Huijin has amassed 53 million ICBC shares by the end of 2011. It now holds 35.43 percent of ICBC's total outstanding.
Banks were up 0.52 percent today with ICBC gaining 0.74 percent to 4.28 yuan. China Construction Bank led the climb with a 1.53 percent jump to 4.65 yuan.
The RQFII, launched by the China Securities Regulatory Commission to allow yuan funds raised offshore into China's capital market, began today with the first issue of financial products.
However no more than 20 percent of money raised by RQFII can be invested in the A-share market due to a central bank regulation that limits the capital inflows to four billion yuan in the short run.
Brokers climbed 2.71 percent across the board. Industrial Securities took the lead with a 8.68 percent jump to close at 9.64 yuan.
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