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Shanghai stocks rise on faster QFII approvals
By Ye Zhen |
October 17, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended higher today as China's top securities regulator speeded up approval process for qualified foreign institutional investors to bring in funds to revitalize the market.
The benchmark Shanghai Composite Index inched up 0.32 percent to 2,105.62 points. Turnover was 47.1 billion yuan (US$7.5 billion) at the trading close.
China issued Qualified Foreign Institutional Investor (QFII) licenses to seven overseas institutions in September, allowing them to invest in yuan-denominated securities, the China Securities Regulatory Commission said yesterday.
China is easing the approvals for QFIIs and 53 foreign investment institutions obtained the licenses in the first nine months of this year, compared with 28 in 2011 and 13 in 2010.
Analysts said the growing inflow of foreign funds reflects the value of Chinese stocks and is good for market recovery.
The long-term potential of China's economy and the undervalued Chinese stocks are attractive to foreign capitals, Huatai Securities said in a report. The acceleration in QFII approvals will facilitate the entry of overseas funds and give a boost to the stock market, the brokerage said.
Lenders gained as investors were upbeat about their earnings. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, rose 0.8 percent to 3.85 yuan. China Merchants Bank added 0.5 percent to 10.36 yuan. Shanghai Pudong Development Bank Co increased 1.2 percent to 7.55 yuan.
Most oil-related stocks rose. Zhejiang Haiyue Co gained 2.9 percent to 9.95 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 1.8 percent to 6.23 yuan. PetroChina Co, the second biggest player, advanced 1.1 percent to 8.97 yuan.
The benchmark Shanghai Composite Index inched up 0.32 percent to 2,105.62 points. Turnover was 47.1 billion yuan (US$7.5 billion) at the trading close.
China issued Qualified Foreign Institutional Investor (QFII) licenses to seven overseas institutions in September, allowing them to invest in yuan-denominated securities, the China Securities Regulatory Commission said yesterday.
China is easing the approvals for QFIIs and 53 foreign investment institutions obtained the licenses in the first nine months of this year, compared with 28 in 2011 and 13 in 2010.
Analysts said the growing inflow of foreign funds reflects the value of Chinese stocks and is good for market recovery.
The long-term potential of China's economy and the undervalued Chinese stocks are attractive to foreign capitals, Huatai Securities said in a report. The acceleration in QFII approvals will facilitate the entry of overseas funds and give a boost to the stock market, the brokerage said.
Lenders gained as investors were upbeat about their earnings. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, rose 0.8 percent to 3.85 yuan. China Merchants Bank added 0.5 percent to 10.36 yuan. Shanghai Pudong Development Bank Co increased 1.2 percent to 7.55 yuan.
Most oil-related stocks rose. Zhejiang Haiyue Co gained 2.9 percent to 9.95 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 1.8 percent to 6.23 yuan. PetroChina Co, the second biggest player, advanced 1.1 percent to 8.97 yuan.
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