Shares gain on news of financial help
23/12/2005 18:29
Fu Chenghao/Shanghai Daily news
News that the stock
market regulator is studying possible measures to give brokerages more access to
financing helped Chinese shares to close slightly higher yesterday. The
Shanghai Composite Index, which tracks yuan-denominated A shares and
foreign-currency B shares, added 0.40 percent to 1,135.24. The A-share Index
grew 0.40 percent to 1,193.99 while the B-share Index gained 0.49 percent to
59.59. The Shenzhen Composite Index, which tracks the country's smaller
bourse, closed 0.65 percent higher at 273.18. The China Securities Regulatory
Commission said in a statement carried by the Shanghai Securities News that it's
pondering ways to help brokerages avail of more financing sources. "That
raised hopes of some liquidity inflows," said Wei Wei, a West China Securities
Co trader. "Some institutional players just returned for some year-end window
dressing of their portfolios" thus helping the stock market end slightly
up. Huaneng Power International Inc led the power firms when it jumped 2.75
percent to end at 5.97 yuan (74 US cents). China Yangtze Power Co, the owner of
the country's top hydropower project, added 1 percent to finish at 7.05
yuan. GD Power Development Co gained 0.83 percent to 6.06 yuan while
Chongqing Jiulong Electric Power Co finished 1.76 percent higher at 4.04 yuan.
SDIC Huajing Power Holdings Co surged 2.37 percent to close at 5.62 yuan.
|