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BoComm news helps bank shares pull off victory

By Yu Xi  (Global Times)

08:48, July 31, 2012

The Shanghai and Shenzhen stock markets ended with losses Monday, with the Shanghai Composite Index dropping to a new low for the year-to-date.

The Shanghai Composite Index gave up 18.85 points, or 0.89 percent, to close at 2,109.91; while the Shenzhen Component Index slumped 0.18 percent, or 16.07 points, to end at 9,071.06.

Bank of Communications Co is close to getting a final approval from the country's top securities regulator to issue an additional 29.8 billion yuan ($4.7 billion) worth of A shares to investors, the China Securities Journal reported Monday. The Ministry of Finance and the National Council for Social Security Fund are expected to purchase 26.53 percent and 13.88 percent of the new shares respectively, the report also added.

This news was welcomed by the heavily weighted banking sector in the late morning, but did little to stave off the wave of dismal sentiment that dragged down the markets in the afternoon.

Bank of Communications Co tacked on 1.90 percent to 4.3 yuan.

"Recent stock market sentiment is very weak, and no fresh funds are flowing into the market. People generally think that both B shares and the overall Chinese market have further room to fall in the near term," according to a report by Reuters Monday, citing Chen Huiqin, a senior analyst at Huatai Securities in Nanjing.

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