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Stocks edge up 0.35% by noon break
By Hu Xiaocen |
March 16, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced in the morning trade, as China Securities Regulatory Commission said yesterday to boost shareholder returns by urging companies to fully disclose the reasons for not paying dividends.
The Shanghai Composite Index edged up 0.35 percent, or 8.38 points, to 2,382.15 by noon break, trimming its weekly loss. Turnover was 50.8 billion yuan (US$8 billion).
A director of the Investor Protection Bureau at the securities watchdog said yesterday, CSRC will urge companies to specify reasons for not paying dividends. Companies will also be required to disclose information about the use of unallocated capital, and the cause for differences between actual and anticipated incomes.
"The purpose is to lift returns to shareholders and improve corporate governance," said the director.
Aijian Securities said market sentiment will rebound, while Guotai Junan Securities held similar expectations and said stocks will continue to rise after the value correction.
Oil refiners and metal producers gained on rising commodity prices. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, gained 0.53 percent to 7.6 yuan. Zijin Mining Group Co, China's largest gold producer, edged up 0.23 percent to 4.33 yuan. Jianxi cooper added 0.16 percent to 25.45 yuan.
The Shanghai Composite Index edged up 0.35 percent, or 8.38 points, to 2,382.15 by noon break, trimming its weekly loss. Turnover was 50.8 billion yuan (US$8 billion).
A director of the Investor Protection Bureau at the securities watchdog said yesterday, CSRC will urge companies to specify reasons for not paying dividends. Companies will also be required to disclose information about the use of unallocated capital, and the cause for differences between actual and anticipated incomes.
"The purpose is to lift returns to shareholders and improve corporate governance," said the director.
Aijian Securities said market sentiment will rebound, while Guotai Junan Securities held similar expectations and said stocks will continue to rise after the value correction.
Oil refiners and metal producers gained on rising commodity prices. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, gained 0.53 percent to 7.6 yuan. Zijin Mining Group Co, China's largest gold producer, edged up 0.23 percent to 4.33 yuan. Jianxi cooper added 0.16 percent to 25.45 yuan.
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