ecns [expanded by feedex.net]: Markets cap week with modest gains

ecns [expanded by feedex.net]

ecns

Markets cap week with modest gains
http://www.ecns.cn/business/2013/08-05/75939.shtml
Aug 5th 2013, 00:25

2013-08-05 09:25 Global Times Web Editor: qindexing


Stock markets in Shanghai and Shenzhen finished with slight gain at Friday's closing as confidence was boosted by a string of policies over the week.


The Shanghai Composite Index added 0.35 points, or 0.02 percent, to end at 2,029.42; while the Shenzhen Component Index rose 29.68 points, or 0.37 percent, to 7,961.47. Combined turnover reached 198.91 billion yuan ($32.45 billion), up almost 14 billion yuan compared with the previous day.


The Shanghai Composite opened higher Friday and touched an intraday peak of 2,050 in morning trading as shipping and lighting stocks pulled ahead. The market wavered later following news that the China Securities Regulatory Commission (CSRC) aims to combat insider trading. The benchmark spent most of the afternoon drifting back toward the break-even point, ending the day with marginal gains.


Overall, the Shanghai Composite and the Shenzhen Component were up 0.92 percent and 1.15 percent respectively on a weekly basis.


The CSRC intends to tighten up regulation and supervision over capital markets and law enforcement in order to increase market efficiency and protect investors, Xiao Gang, chairman of the commission, said Thursday in an article for the Qiushi Journal.


Local media say that law enforcement officers from the CSRC are looking into an alleged "rat trading" case involving a manager at Bosera Funds, a case which has led to wider investigations.


Analysts said over the weekend that this move again illustrates the CSRC's determination to clamp down on financial crimes, which will benefit China's stock markets over the long run.


Real estate stocks gained 1.8 percent Friday, with Cinda Real Estate Co and Xinhu Zhongbao Co both leaping to the 10 percent daily limit. Sector powerhouses China Vanke Co, China Merchants Property Development Co, and Poly Real Estate Group Co each jumped over 3 percent.


Meanwhile, banking stocks were down by 0.35 percent. China Minsheng Banking Corp Ltd, Bank of Communications Co Ltd, and Agricultural Bank of China Limited each retreated 1 percent.


The China Insurance Regulatory Commission said Friday that it would lift the ceiling on life insurance interest rates from 2.5 percent to 3.5 percent effective August 5. Experts say this new policy will encourage innovation in life insurance product design while also marking a step forward for interest rate liberalization.





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