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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.