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Shanghai stocks up 1.24% on rising brokerages
By Ye Zhen |
December 28, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today, boosted by brokerages, after China's securities regulator relaxed rules on subordinate bond issuance to expand the financing channel of securities firms.
The key Shanghai Composite Index rose 1.24 percent to close at 2,233.25 points. Daily turnover stood at 92 billion yuan (US$14.8 billion). The index added 3.64 percent this week, gaining for four consecutive weeks.
The China Securities Regulatory Commission lowered the threshold for institutional investors to buy subordinate bonds from brokerages, shortened the maturity period of long-term subordinate debts and eased capital requirements allowing long-term subordinated debts to count towards brokerages' net capital, the regulator said in a statement.
The commission also allowed securities firms to issue subordinated debts in the country's stock exchanges, inter-bank markets and other qualified trading venues.
Analysts said the move will encourage brokerages to raise funds from the bond market, helping to expand their funding channel and reduce financing cost.
Citic Securities, the biggest listed brokerage, jumped 7.9 percent to 13.16 yuan. Haitong Securities increased 5.1 percent to 10.05 yuan. Sinolink Securities Co surged by the daily limit of 10 percent to 17.24 yuan. Everbright Securities expanded 6.4 percent to 13.61 yuan.
Lenders also gained. China Merchants Bank rose 2.8 percent to 12.96 yuan. Industrial Bank Co added 1.8 percent to 16.35 yuan. Shanghai Pudong Development Bank Co advanced 2.1 percent to 9.59 yuan.
Property developers continued to benefit from the government's urbanization scheme. Poly Real Estate rose 2.1 percent to 13.16 yuan. Gemdale Corporation gained 3 percent to 6.74 yuan. Guangzhou Pearl River Industrial Development Co jumped 10 percent to 15.21 yuan.
The key Shanghai Composite Index rose 1.24 percent to close at 2,233.25 points. Daily turnover stood at 92 billion yuan (US$14.8 billion). The index added 3.64 percent this week, gaining for four consecutive weeks.
The China Securities Regulatory Commission lowered the threshold for institutional investors to buy subordinate bonds from brokerages, shortened the maturity period of long-term subordinate debts and eased capital requirements allowing long-term subordinated debts to count towards brokerages' net capital, the regulator said in a statement.
The commission also allowed securities firms to issue subordinated debts in the country's stock exchanges, inter-bank markets and other qualified trading venues.
Analysts said the move will encourage brokerages to raise funds from the bond market, helping to expand their funding channel and reduce financing cost.
Citic Securities, the biggest listed brokerage, jumped 7.9 percent to 13.16 yuan. Haitong Securities increased 5.1 percent to 10.05 yuan. Sinolink Securities Co surged by the daily limit of 10 percent to 17.24 yuan. Everbright Securities expanded 6.4 percent to 13.61 yuan.
Lenders also gained. China Merchants Bank rose 2.8 percent to 12.96 yuan. Industrial Bank Co added 1.8 percent to 16.35 yuan. Shanghai Pudong Development Bank Co advanced 2.1 percent to 9.59 yuan.
Property developers continued to benefit from the government's urbanization scheme. Poly Real Estate rose 2.1 percent to 13.16 yuan. Gemdale Corporation gained 3 percent to 6.74 yuan. Guangzhou Pearl River Industrial Development Co jumped 10 percent to 15.21 yuan.
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