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Stocks break losing streak to advance 1%
By Hu Xiaocen |
March 8, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks snapped out of its three-day losing streak today on speculation the government will take more measures to boost the economy as China's growth slows down.
The Shanghai Composite Index jumped 1.06 percent, or 25.48 points, to 2,420.28, with turnover of 93.4 billion yuan (US$14.8 billion). The gauge has sunk 2.7 percent in the past three days.
The People's Bank of China is planning to raise the individual investment quota for qualified foreign institutional investors, the Shanghai Securities News reported today.
By the end of December, the State Administration of Foreign Exchange has approved 97 QFII institutions with a total investment of US$19.72 billion.
Brokerages were cheered by the news and rallied 3.93 percent on average, pulling up the index. Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan. Industrial Securities jumped 5.05 percent to 11.65 yuan. Everbright Securities added 4.45 percent to 13.14 yuan.
Non-ferrous metal producers were also strong with a jump of 2.47 percent on average erasing yesterday's losses, as metal futures rose on Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, edged up 0.9 percent to 4.5 yuan. Jiangxi Copper, China's biggest producer of the metal, added 1.87 percent to 26.09 yuan. Inner Mongolia Baotou Steel soared 8.1 percent to 58.69 yuan.
IMC International Metalworking Companies, a unit of Warren Buffett's Berkshire Hathaway, invested around US$75 million in a South Korean tungsten producer, Woulfe Mining.
Metal producers listed on the A-share market benefited from the news. Xiamen Tungsten Co, jumped 3.5 percent to 40.77 yuan. Chongyi Zhangyuan Tungsten Co, soared 4.75 percent to 33.73 yuan.
The Shanghai Composite Index jumped 1.06 percent, or 25.48 points, to 2,420.28, with turnover of 93.4 billion yuan (US$14.8 billion). The gauge has sunk 2.7 percent in the past three days.
The People's Bank of China is planning to raise the individual investment quota for qualified foreign institutional investors, the Shanghai Securities News reported today.
By the end of December, the State Administration of Foreign Exchange has approved 97 QFII institutions with a total investment of US$19.72 billion.
Brokerages were cheered by the news and rallied 3.93 percent on average, pulling up the index. Sinolink Securities soared by the 10 percent daily limit to 12.28 yuan. Industrial Securities jumped 5.05 percent to 11.65 yuan. Everbright Securities added 4.45 percent to 13.14 yuan.
Non-ferrous metal producers were also strong with a jump of 2.47 percent on average erasing yesterday's losses, as metal futures rose on Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, edged up 0.9 percent to 4.5 yuan. Jiangxi Copper, China's biggest producer of the metal, added 1.87 percent to 26.09 yuan. Inner Mongolia Baotou Steel soared 8.1 percent to 58.69 yuan.
IMC International Metalworking Companies, a unit of Warren Buffett's Berkshire Hathaway, invested around US$75 million in a South Korean tungsten producer, Woulfe Mining.
Metal producers listed on the A-share market benefited from the news. Xiamen Tungsten Co, jumped 3.5 percent to 40.77 yuan. Chongyi Zhangyuan Tungsten Co, soared 4.75 percent to 33.73 yuan.
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