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Shanghai stocks recover from a dive to 45-month low
By Ye Zhen |
November 19, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks inched up today, paring the earlier losses, as brokerages gained after China's top securities regulator announced new policies to support their business development. The rebound offset a decline of distilleries.
The key Shanghai Composite Index fell below 2,000 points to its lowest level in 45 months before closing 0.11 percent higher at 2,016.98 point. Daily turnover was 36.1 billion yuan (US$5.8 billion).
The China Securities Regulatory Commission said today it will allow domestic securities firms to expand their proprietary businesses and trade derivatives for their own accounts. It will also lower the calculation standard for their capital reserves.
Analysts said the move will increase the amount of funds used for investment and give brokers more room to engage in business innovation.
CITIC Securities, China's biggest listed brokerage, advanced 0.8 percent to 10.59 yuan. Sinolink Securities Co expanded 4.3 percent to 15.42 yuan. Everbright Securities rose 2.2 percent to 11.18 yuan.
Distilleries were the biggest losers today after the 21st Century Business Herald said the products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 4.6 percent to 214.05 yuan. Sichuan Tuopai Shede Wine Co slumped 7.9 percent to 24.45 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 5.3 percent to 35.66 yuan.
The key Shanghai Composite Index fell below 2,000 points to its lowest level in 45 months before closing 0.11 percent higher at 2,016.98 point. Daily turnover was 36.1 billion yuan (US$5.8 billion).
The China Securities Regulatory Commission said today it will allow domestic securities firms to expand their proprietary businesses and trade derivatives for their own accounts. It will also lower the calculation standard for their capital reserves.
Analysts said the move will increase the amount of funds used for investment and give brokers more room to engage in business innovation.
CITIC Securities, China's biggest listed brokerage, advanced 0.8 percent to 10.59 yuan. Sinolink Securities Co expanded 4.3 percent to 15.42 yuan. Everbright Securities rose 2.2 percent to 11.18 yuan.
Distilleries were the biggest losers today after the 21st Century Business Herald said the products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 4.6 percent to 214.05 yuan. Sichuan Tuopai Shede Wine Co slumped 7.9 percent to 24.45 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 5.3 percent to 35.66 yuan.
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