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Shanghai stocks rise today on fees cut
By Ye Zhen |
August 3, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI equity market gained the most in five weeks after China's securities regulator cut transaction fees in an effort to boost investor confidence.
The Shanghai Composite Index climbed 1.02 percent, or 21.61 points to close at 2,132.80 points. The index gained 0.19 percent this week, ending a six-week losing streak.
The China Securities Regulatory Commission announced yesterday it will cut the stock transaction fee by 20 percent, effective on September 1.
The third cut this year will save investors 600 million yuan (US$95.2 million) in trading costs in the remaining four months this year, CSRC said on its website.
Li Daxiao, director of the Yingda Securities Research Institute, said the cut will have an immediate positive effect on the recovery of market confidence.
Brokerages led the market gains. Sinolink Securities Co rose 3.2 percent to finish at 11.99 yuan. Founder Securities Co climbed 2.3 percent to 4.54 yuan. Citic Securities, the biggest listed brokerage, added 0.4 percent to 12.01 yuan.
Most property developers rose after the Ministry of Housing and Urban-Rural Development shot down rumors that the government will cancel the presale system for commercial residential property. Poly Real Estate advanced 1.7 percent to end at 10.48 yuan.
Rare earth providers advanced on speculation rare earth prices may start to rebound in the second half year after a steep drop. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, a producer of rare earth materials rose 3.2 percent to close at 37.91 yuan.
The Shanghai Composite Index climbed 1.02 percent, or 21.61 points to close at 2,132.80 points. The index gained 0.19 percent this week, ending a six-week losing streak.
The China Securities Regulatory Commission announced yesterday it will cut the stock transaction fee by 20 percent, effective on September 1.
The third cut this year will save investors 600 million yuan (US$95.2 million) in trading costs in the remaining four months this year, CSRC said on its website.
Li Daxiao, director of the Yingda Securities Research Institute, said the cut will have an immediate positive effect on the recovery of market confidence.
Brokerages led the market gains. Sinolink Securities Co rose 3.2 percent to finish at 11.99 yuan. Founder Securities Co climbed 2.3 percent to 4.54 yuan. Citic Securities, the biggest listed brokerage, added 0.4 percent to 12.01 yuan.
Most property developers rose after the Ministry of Housing and Urban-Rural Development shot down rumors that the government will cancel the presale system for commercial residential property. Poly Real Estate advanced 1.7 percent to end at 10.48 yuan.
Rare earth providers advanced on speculation rare earth prices may start to rebound in the second half year after a steep drop. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, a producer of rare earth materials rose 3.2 percent to close at 37.91 yuan.
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