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Shares edge up on positive CPI data
By Lydia Chen |
September 9, 2011, Friday
|
Online Edition
Online Edition
SHARES in Shanghai broke a weekly drop in the morning session today after China announced slower inflation growth in August while investor confidence over the US economy improved following President Obama's US$447 billion job plans.
The Shanghai Composite Index edged up 0.13 percent to 2,502.26. Turnover, however, shrank to merely 29 billion yuan (US$4.54 billion).
Brokerages were the most active sector in the early trading.
Founders Securities Co hiked 5.94 percent to 6.60 yuan. CITIC Securities, the country's largest brokerage, rose 1.43 percent to 12.08 yuan.
China will soon launch exchange-traded funds linked to local indexes and the Renminbi Qualified Foreign Institutional Investor scheme, according to the People's Bank of China yesterday.
The schemes will allow Hong Kong and Chinese mainland investors to invest in each other's stock markets.
The first batch of the RQFII's 20 billion-yuan scheme allowing Hong Kong investors to buy mainland stocks "will be launched soon, and 80 percent of the amount will be invested in the mainland bond market," according to the central bank.
Initially, more than 20 Hong Kong-based Chinese brokerages and mutual fund companies will equally share the 20-billion-yuan cake.
Banks also followed the rise as concerns of more tightening against inflation eased after China said this morning that its August consumer price index fell to 6.2 percent from a year earlier, compared with a 6.5 percent in July.
The Shanghai Composite Index edged up 0.13 percent to 2,502.26. Turnover, however, shrank to merely 29 billion yuan (US$4.54 billion).
Brokerages were the most active sector in the early trading.
Founders Securities Co hiked 5.94 percent to 6.60 yuan. CITIC Securities, the country's largest brokerage, rose 1.43 percent to 12.08 yuan.
China will soon launch exchange-traded funds linked to local indexes and the Renminbi Qualified Foreign Institutional Investor scheme, according to the People's Bank of China yesterday.
The schemes will allow Hong Kong and Chinese mainland investors to invest in each other's stock markets.
The first batch of the RQFII's 20 billion-yuan scheme allowing Hong Kong investors to buy mainland stocks "will be launched soon, and 80 percent of the amount will be invested in the mainland bond market," according to the central bank.
Initially, more than 20 Hong Kong-based Chinese brokerages and mutual fund companies will equally share the 20-billion-yuan cake.
Banks also followed the rise as concerns of more tightening against inflation eased after China said this morning that its August consumer price index fell to 6.2 percent from a year earlier, compared with a 6.5 percent in July.
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