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Shares up on good news for brokerages
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SHANGHAI shares edged up yesterday as brokerages surged on news that proprietary trading rules were being eased, offsetting the losses of metal stocks.
The Shanghai Composite Index added 0.16 percent to end at 3,616 points, recouping from a loss of up to 1.3 percent in the morning session.
Brokerages gained, with Founder Securities up 4.3 percent to 10.42 yuan (US$1.63) and Everbright Securities rising 3.9 percent to 24.94 yuan.
Their shares rose after the Wall Street Journal reported that China’s top securities regulator has canceled a rule requiring brokerages to hold a net long position on daily proprietary trading.
The rule was imposed in July as part of the Chinese government’s efforts to contain a massive stock market meltdown in the summer following a boom which began in late 2014.
“The move indicated the government’s intention to gradually wind back administrative restrictions as the market warms up,” said Sinolink Securities.
The Shanghai index has recovered 27 percent from a low in August. Data from China Securities Depository and Clearing Co showed yesterday that investors opened 359,400 new accounts to trade shares last week, the most in 16 weeks.
But analysts were cautious about the short-term outlook.
“The market was still weak as turnover shrank around 20 percent from Monday. The upcoming new share sales next week will continue to depress investor sentiment in the short term,” said Changjiang Securities.
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