Latest News:  

English>>Business

A-shares lifted by possibility of public fund investment

By Louise Ho (Global Times)

08:27, February 28, 2013

Stock markets in Shanghai and Shenzhen advanced Wednesday after the securities authority revealed that it was reviewing plans to allow public funds to be invested in the A-share market.

The benchmark Shanghai Composite Index finished at 2,313.22 after surging 19.88 points, or 0.87 percent; while the Shenzhen Component Index rose 125.21 points, or 1.36 percent, to close at 9,333.24.

The markets opened higher Wednesday after the China Securities Regulatory Commission (CSRC) announced late Tuesday that it may authorize the country's insurance, housing and pension systems to take positions in mainland shares as part of a move to funnel more long-term liquidity into the capital market. Most sectors found support in this news, which kept markets above even throughout the trading day and lifted the Shanghai Composite back above the 2,300-point mark.

Brokerages also got a boost from a separate announcement from the CSRC that lower entry standards into the asset-backed securities market were in the works. China Merchants Securities Co jumped 8.43 percent to 13.77 yuan ($2.21).

Listed property developers also notched respectable gains. China Vanke Co, China's largest residential real estate developer by market value, surged 4.62 percent to 11.32 yuan. Vanke is one of the 50 companies scheduled to announce annual results for 2012 Wednesday evening.

Shares for liquor producers and distilleries, however, took a hit following reports Wednesday that CCTV, China's State television network, would be pulling all liquor commercials by the end of March. Hebei Hengshui Laobaigan Liquor Co lost 3.59 percent to 42.12 yuan.

Combined turnover at the two mainland markets totaled 172.2 billion yuan Wednesday, down from 206.7 billion yuan Tuesday.

We recommend:

Keeping the brand full of beans

Companies struggle to find, keep workers

Shares crumble as result of housing curbs

Liquor makers fined 449m yuan for price monopoly

Tougher fuel standards take form

Movie-themed fortunes 'never guaranteed'

Email|Print|Comments(Editor:LiangJun、Li Zhenyu)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. China's aircraft carrier anchors in military port

  2. Shore-based missile regiment in training

  3. Egypt's balloon explosion kills 19

  4. West debates China's 'leftover women'

  5. Kissing competition in collective wedding

  6. Community's fire, folk carnival in China

  7. Too much of a good thing

  8. The crazy things that you never saw

  9. ZTE plans to target top tier

  10. IKEA says no horsemeat in meatballs

Most Popular

Opinions

  1. China reserves right to appeal WTO ruling
  2. SOEs must act to avoid PR disaster
  3. Mainland hails Lien Chan's visit
  4. Party mulls personnel, govt reshuffles
  5. China must brace for impact of possible EU-US FTA
  6. Peaceful development important in cross-Straits ties
  7. "China threat" theory still exists despite Nexen deal
  8. Cross-Straits relations 'will be boosted'
  9. China 'firmly supports' BRICS
  10. Water quality a concern

What’s happening in China

Public letter calls for gay marriage legislation

  1. 70-year-old found dead after hang glider crash
  2. 4 killed in C China elementary school stampede
  3. Rumors sweep singer's son's gang rape case
  4. Man in HIV nightmare after one-night stand
  5. School bus fatality drops in 2012