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Stocks gain on hopes of foreign capital inflows
By Lu Nengneng |
April 6, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up today on hopes that foreign capital inflows will help bolster the market after the securities regulator increased quotas for yuan-denominated foreign investment.
The Shanghai Composite Index rose 0.19 percent to close at 2,306.55 points amid volatile trade. Turnover stood at 68.9 billion yuan (US$10.9 billion).
The market, which resumed trading on Thursday after a three-day holiday break, saw its key index rise for a second day after China's Securities Regulatory Commission announced on Tuesday that quotas for qualified foreign investment in stocks, bonds, and bank deposits has been raised from US$30 billion to US$80 billion.
Yuan-denominated foreign investment has also been granted an extra quota of 50 billion yuan. An official of the securities watchdog said yesterday that the quota is not subject to the former rule that equity investment is limited to 20 percent of total funds, and can be fully used when buying exchange-traded fund products for the A-share market.
Brokerages rose on expectations that foreign investors will inject more liquidity into the market. Industrial Securities added 0.3 percent to 10.14 yuan. CITIC Securities gained 1.31 percent to 12.42 yuan.
The energy saving and environmental protection companies continued its strong performance today ahead of the release of the Twelfth Five-Year Plan for the sector. Last year 3.4 trillion yuan was channeled into the industry, which is expected to account for about 7 percent of China's gross domestic product by 2015.
Shanghai Safbon Water Service Co soared by the daily limit of 10 percent to 19.67 yuan. Jiangsu WELLE Environmental Co gained 6.94 percent to 36.99 yuan.
The Shanghai Composite Index rose 0.19 percent to close at 2,306.55 points amid volatile trade. Turnover stood at 68.9 billion yuan (US$10.9 billion).
The market, which resumed trading on Thursday after a three-day holiday break, saw its key index rise for a second day after China's Securities Regulatory Commission announced on Tuesday that quotas for qualified foreign investment in stocks, bonds, and bank deposits has been raised from US$30 billion to US$80 billion.
Yuan-denominated foreign investment has also been granted an extra quota of 50 billion yuan. An official of the securities watchdog said yesterday that the quota is not subject to the former rule that equity investment is limited to 20 percent of total funds, and can be fully used when buying exchange-traded fund products for the A-share market.
Brokerages rose on expectations that foreign investors will inject more liquidity into the market. Industrial Securities added 0.3 percent to 10.14 yuan. CITIC Securities gained 1.31 percent to 12.42 yuan.
The energy saving and environmental protection companies continued its strong performance today ahead of the release of the Twelfth Five-Year Plan for the sector. Last year 3.4 trillion yuan was channeled into the industry, which is expected to account for about 7 percent of China's gross domestic product by 2015.
Shanghai Safbon Water Service Co soared by the daily limit of 10 percent to 19.67 yuan. Jiangsu WELLE Environmental Co gained 6.94 percent to 36.99 yuan.
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