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Stocks rally from month-low figure
By Ye Zhen |
February 27, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rallied from a month-low today as brokerages gained after China's securities regulator said it will allow more securities firms to conduct asset-backed securities businesses.
The key Shanghai Composite Index rose 0.87 percent to 2,313.22 points. Turnover was 88.3 billion yuan (US$14.2 billion) by the trading close.
China's securities regulator yesterday released draft rules aiming to lower the threshold for securities firms to create and trade asset-backed securities businesses.
The rules also expand underlying assets that can be securitized, including receivables, credit assets, commercial paper, stocks, bonds, and commercial properties.
"The securitization of illiquid assets that produce stable cash flows will help to enhance the use efficiency of assets," China Securities Regulatory Commission said.
China Merchants Securities Co said in a report today that "the move will help promote asset-backed securities business and benefit brokerages with new revenue streams."
Market sentiment was improved after China Securities Journal reported that China's central bank may inject liquidity to the country's money market through reverse repurchase agreements.
CITIC Securities, the country's biggest listed brokerage, increased 3 percent to 13.95 yuan. Founder Securities Co advanced 5.5 percent to 6.15 yuan. Haitong Securities Co added 3.5 percent to 11.85 yuan.
The key Shanghai Composite Index rose 0.87 percent to 2,313.22 points. Turnover was 88.3 billion yuan (US$14.2 billion) by the trading close.
China's securities regulator yesterday released draft rules aiming to lower the threshold for securities firms to create and trade asset-backed securities businesses.
The rules also expand underlying assets that can be securitized, including receivables, credit assets, commercial paper, stocks, bonds, and commercial properties.
"The securitization of illiquid assets that produce stable cash flows will help to enhance the use efficiency of assets," China Securities Regulatory Commission said.
China Merchants Securities Co said in a report today that "the move will help promote asset-backed securities business and benefit brokerages with new revenue streams."
Market sentiment was improved after China Securities Journal reported that China's central bank may inject liquidity to the country's money market through reverse repurchase agreements.
CITIC Securities, the country's biggest listed brokerage, increased 3 percent to 13.95 yuan. Founder Securities Co advanced 5.5 percent to 6.15 yuan. Haitong Securities Co added 3.5 percent to 11.85 yuan.
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