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Stocks gain the most in 2 weeks over expectations, IPO reports
By Ye Zhen |
July 23, 2013, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks gained the most in two weeks amid rising expectations that the government may take measures to spur economic growth.
The market was also buoyed by media reports that China may further delay the reboot of new share offerings, with the key Shanghai Composite Index adding 39.11 points, or 1.95 percent, to 2,043.88. Daily turnover surged to 92.7 billion (US$15.2 billion).
"There has been mounting anticipation that the government will take steps to ensure economic growth, such as by continuing investments in infrastructure construction. That will give a boost to the A-share market in the short term," BOC International, Bank of China's investment banking unit, said in a note today.
The official Shanghai Securities News today cited railway officials as saying that China plans to use investments in high-speed railways to soak up overcapacity in sectors such as cement and steel.
China CNR Corp Ltd, one of the country's two biggest train manufacturers, jumped 8 percent to 4.47 yuan. CSR Corp Ltd surged 8.1 percent to 3.86 yuan. Jinxi Axle Co Ltd, a provider of railway parts, leaped by the daily limit of 10 percent to 13.37 yuan.
A separate report of Shanghai Securities News said China's securities regulator is likely to further postpone the resumption of initial public offerings as IPO applicants have to update their financial documents.
As of July 18, a total of 746 firms were waiting for a green light from the China Securities Regulatory Commission to go public on the Shanghai and Shenzhen bourses, down from a pipeline of nearly 900 after the regulator launched a campaign to crack down on false disclosures.
Lenders paced the gain of financial institutions amid mounting expectations that China may have to ease monetary policies in the second half of the year after data showed foreign exchange purchases declined for the first time in six months.
China Minsheng Banking Corp gained 2.6 percent to 8.64 yuan. Industrial Bank Co jumped 3.7 percent to 9.64 yuan. China Merchants Bank rose 1.9 percent to 11.06 yuan.
Gold producers gained among non-ferrous metal producers after gold prices rose to above US$1,300 an ounce to the highest in one month.
Shandong Gold Mining Co rose 2 percent to 22.48 yuan. Zhongjin Gold Corp increased 1.5 percent to 9.54 yuan.
The market was also buoyed by media reports that China may further delay the reboot of new share offerings, with the key Shanghai Composite Index adding 39.11 points, or 1.95 percent, to 2,043.88. Daily turnover surged to 92.7 billion (US$15.2 billion).
"There has been mounting anticipation that the government will take steps to ensure economic growth, such as by continuing investments in infrastructure construction. That will give a boost to the A-share market in the short term," BOC International, Bank of China's investment banking unit, said in a note today.
The official Shanghai Securities News today cited railway officials as saying that China plans to use investments in high-speed railways to soak up overcapacity in sectors such as cement and steel.
China CNR Corp Ltd, one of the country's two biggest train manufacturers, jumped 8 percent to 4.47 yuan. CSR Corp Ltd surged 8.1 percent to 3.86 yuan. Jinxi Axle Co Ltd, a provider of railway parts, leaped by the daily limit of 10 percent to 13.37 yuan.
A separate report of Shanghai Securities News said China's securities regulator is likely to further postpone the resumption of initial public offerings as IPO applicants have to update their financial documents.
As of July 18, a total of 746 firms were waiting for a green light from the China Securities Regulatory Commission to go public on the Shanghai and Shenzhen bourses, down from a pipeline of nearly 900 after the regulator launched a campaign to crack down on false disclosures.
Lenders paced the gain of financial institutions amid mounting expectations that China may have to ease monetary policies in the second half of the year after data showed foreign exchange purchases declined for the first time in six months.
China Minsheng Banking Corp gained 2.6 percent to 8.64 yuan. Industrial Bank Co jumped 3.7 percent to 9.64 yuan. China Merchants Bank rose 1.9 percent to 11.06 yuan.
Gold producers gained among non-ferrous metal producers after gold prices rose to above US$1,300 an ounce to the highest in one month.
Shandong Gold Mining Co rose 2 percent to 22.48 yuan. Zhongjin Gold Corp increased 1.5 percent to 9.54 yuan.
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