Six-month high as stock index surges 14.6%
By Ye Zhen |
January 1, 2013, Tuesday
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Print Edition
Print Edition
SHANGHAI stocks reached a six-month high on the last trading day of 2012, the first yearly gain in three years, after data showed China's manufacturing activity accelerating at its fastest pace in 19 months in December.
The Shanghai Composite Index added 1.6 percent to close at 2,269.13 points, the highest close since June 21, 2012. The index surged 14.6 percent last month and gained 3.17 percent for the year.
"Investor confidence is buoyed by the recovering PMI and improving economic conditions are paving the foundation for an increase in the earnings of listed companies," said Xu Guangfu, an analyst with Xiangcai Securities.
Financials gained as China's securities regulator plans to allow brokerages, insurance asset management firms and private equity fund management companies to run mutual fund business.
The Shanghai Composite Index added 1.6 percent to close at 2,269.13 points, the highest close since June 21, 2012. The index surged 14.6 percent last month and gained 3.17 percent for the year.
"Investor confidence is buoyed by the recovering PMI and improving economic conditions are paving the foundation for an increase in the earnings of listed companies," said Xu Guangfu, an analyst with Xiangcai Securities.
Financials gained as China's securities regulator plans to allow brokerages, insurance asset management firms and private equity fund management companies to run mutual fund business.
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