Stocks surge on RQFII quota reports
By Ye Zhen |
April 20, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks jumped by the most in a month yesterday on reports that China's top securities regulator has restarted issuing investment quota to foreign institutional investors after suspending them in February and March.
The Shanghai Composite Index rose 2.14 percent to settle at 2,244.64 points. The index gained 1.72 percent for the week, snapping a three-week losing streak.
The China Securities Regulatory Commission and the State Administration of Foreign Exchange have resumed taking quota applications for investment under the Renminbi Qualified Foreign Institutional Investor scheme, the 21st Century Business Herald reported yesterday, citing sources at Bosera Asset Management.
Chinese regulators have yet to approve RQFII quotas to authorized investors since January 24. With an untapped quota of 200 billion yuan (US$32.3 billion), analysts said the approvals will help boost the market liquidity.
Market sentiment was also lifted by media reports saying that Chinese regulators have discussed with MSCI index managers about adding A shares into the MSCI Emerging Markets Index. The news indicated the regulators are seeking to boost foreign appetite for A shares, CITIC Securities said in a report, adding that the addition of A shares into MSCI index is expected to bring about 1 trillion yuan into the domestic stock market.
Citic Securities, China's biggest listed brokerage, jumped 5.5 percent to 12.82 yuan. Founder Securities Co leapt 8.9 percent to 7.24 yuan.
The Shanghai Composite Index rose 2.14 percent to settle at 2,244.64 points. The index gained 1.72 percent for the week, snapping a three-week losing streak.
The China Securities Regulatory Commission and the State Administration of Foreign Exchange have resumed taking quota applications for investment under the Renminbi Qualified Foreign Institutional Investor scheme, the 21st Century Business Herald reported yesterday, citing sources at Bosera Asset Management.
Chinese regulators have yet to approve RQFII quotas to authorized investors since January 24. With an untapped quota of 200 billion yuan (US$32.3 billion), analysts said the approvals will help boost the market liquidity.
Market sentiment was also lifted by media reports saying that Chinese regulators have discussed with MSCI index managers about adding A shares into the MSCI Emerging Markets Index. The news indicated the regulators are seeking to boost foreign appetite for A shares, CITIC Securities said in a report, adding that the addition of A shares into MSCI index is expected to bring about 1 trillion yuan into the domestic stock market.
Citic Securities, China's biggest listed brokerage, jumped 5.5 percent to 12.82 yuan. Founder Securities Co leapt 8.9 percent to 7.24 yuan.
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