Latest News:  

English>>Business

Gains in financial sectors lift markets

By Louise Ho (Global Times)

08:30, January 31, 2013

Stock markets on the Chinese mainland soared higher for a third straight day Wednesday as financial stocks spread their wings.

The key Shanghai Composite Index climbed 23.5 points, or 1 percent, to close at an eight-month high of 2,382.47; while the Shenzhen Component Index surged 79.19, or 0.82 percent, to finish at 9,783.84, its highest close in six months.

Combined trading volume at the two exchanges totaled 229.9 billion yuan ($36.94 billion) Wednesday, down slightly from Tuesday's 233.6 billion yuan.

After an up-again, down-again morning session, surges in banking and securities brokerages in afternoon trading sent both markets advancing into positive territory.

Financial stocks were lifted in large part due to reports Wednesday from the China Business News that the country's securities regulator is considering increasing the quota of its Renminbi Qualified Foreign Institutional Investor (RQFII) scheme by 10 billion yuan for financial institutions in Taiwan.

China's four biggest State-owned lenders jumped by more than 2 percent on this news, with Agricultural Bank of China Ltd rising 3.44 percent to 3.01 yuan, its highest close since its initial public offering in 2010.

Securities stocks held on the momentum they picked up Tuesday, when the announced expansion of China's margin trading program lifted the sector. Western Securities Co increased 3.30 percent Wednesday to 14.70 yuan.


【1】 【2】

We recommend:

Wind power now No.3 energy resource

3rd Qatar Int'l Auto Show kicks off

China caps first 3G nuclear plant

New Zealand moves to restore trust

Mobile apps chip away at SMS

Airbus has big hopes for big plane

Email|Print|Comments(Editor:黄蓓蓓、梁军)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Fighters in combat-readiness patrolling

  2. Navy's Yancheng missile frigate

  3. 3rd Qatar Int'l Auto Show kicks off

  4. 'Joint effort' urged to clear the air

  5. On way home, on son's back

  6. A visit to the village of lepers

  7. Enjoy the Qinhuai river lantern show

  8. Chinese artists learn by copying old masters

  9. Tackle challenges in farming sector

  10. Deals signed for yuan loans

Most Popular

Opinions

  1. China needs strategic balance in Asia-Pacific
  2. Frugal wining and dining
  3. More breathing space
  4. Why officialdom literature still sells
  5. "Sunny outlook" expected for Chinese economy
  6. Tackle challenges in farming sector
  7. Cities should keep memories of yesterday
  8. Single children 'little emperors'
  9. Domestic lenders need global outlook
  10. Flu awareness still lacking in China

What’s happening in China

China uses PM 2.5 in weather alert system

  1. Wi-Fi service extended to some bus routes
  2. Parents keep son alive with DIY ventilator
  3. Young couples feud over festival homecoming
  4. Official cars ordered off roads during pollution
  5. Power plants should adopt multi-pollutant control