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Financial sector fuels rise in shares

(Shanghai Daily)    13:37, December 28, 2013
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BEIJING, Dec. 28 -- Shanghai stocks gained the most in more than one month yesterday as financial shares rebounded on improving liquidity conditions.

The Shanghai Composite Index rose 1.36 percent, the biggest advance since November 18, to 2,101.25 points. The index gained 0.79 percent this week.

The seven-day repurchase rate, a gauge of funding costs in the interbank market, declined 24 basis points to 5.09 percent yesterday, data from the National Interbank Funding Center showed.

China granted US$450 million in quotas to Qualified Foreign Institutional Investors in December, the State Administration of Foreign Exchange said yesterday.

The market was also lifted by a technical rebound after going through a sharp decline a day earlier, according to Shenyin and Wanguo Securities.

Lenders rallied as bargain hunters swooped in after data showed 13 of 16 listed banks were trading below their net asset values.

Hua Xia Bank rose 3.5 percent to 8.20 yuan (US$1.35). The Industrial Bank gained 2.7 percent to 9.93 yuan.

Brokerages also advanced as analysts are optimistic about the industry’s outlook as the government remains committed to deepening reforms in the capital market.

Tian Weidong, analyst with Kaiyuan Securities, said in a note to clients yesterday that brokerages are expected to have a strong year in 2014.

He said the reintroduction of initial public offerings and the expansion of the over-the-counter share trading market will add more sources of income for brokerages.

CITIC Securities, China’s largest listed brokerage, added 1.4 percent to 12.41 yuan. China Merchants Securities Co gained 4.5 percent to 12.45 yuan.

(Editor:LiXiang、Hongyu)

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