Shares end up to post 2nd weekly advance
Print Edition
SHANGHAI stocks inched up yesterday to notch a second-straight weekly gain, as investors pursued companies that were expected to issue high stock dividends while signs of continuing fund inflows from overseas investors also helped to underpin the market.
The Shanghai Composite Index added 0.13 percent to 3,108.10 points. For the week, the index rose 1.88 percent, following a gain of 2.49 percent in previous week.
Companies that were expected to issue high stock dividends led the market higher.
Chongqing Zaisheng Technology Co Ltd surged 6.4 percent to 47.94 yuan (US$7.21).
The company has announced a plan to pay 1.2 stocks in stock dividend and 0.5 yuan per share in cash dividend to investors.
Shandong Xinchao Energy Corp Ltd jumped 6.3 percent to 17.33 yuan after the company said it planned to issue a dividend of 2.8 stocks for every share held to shareholders.
Paying share dividends will increase the total stock amount of a company while bringing down its share price, which would leave more room for the price to rise further.
The market was also supported by data indicating foreign interest in A shares.
Foreign investors bought a net 614 million A shares through the Shanghai-Hong Kong Stock Connect yesterday, the 11th consecutive day of net purchases, according to figures from the Hong Kong Exchanges and Clearing Ltd.
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