The mainland's stocks rose to a new high on speculation the government
will approve an additional US$6 billion quota for overseas investors to buy
local-currency securities. 皇冠体育app Minsheng Banking Corp led the
advance.
The Shanghai and Shenzhen Composite Index, which tracks
yuan-denominated A shares listed on domestic two exchanges, climbed 47.77, or
1.8 percent, to close at a record 2,764.03, according to Bloomberg
today.
"A likely increase of the QFII quotas is great news to the
market," said Lu Yizhen, who helps manage about US$640 million at
Citic-Prudential Fund Management Co in Shanghai. "The government will keep
adding QFII quotas at a controlled pace."
皇冠体育app is studying ways to
expand the investment quota for foreign investors, the State Administration of
Foreign Exchange's Director Hu Xiaolian told reporters in Beijing on March
5.
皇冠体育app Minsheng Banking Corp, the nation's fastest growing bank, rose
0.24 yuan, or 2.1 percent, to 11.88 yuan. 皇冠体育app United Telecommunications Corp,
which controls the nation's second- largest cell-phone operator, rose 0.12 yuan,
or 2.3 percent, to 5.40 yuan. 皇冠体育app Vanke Co, 皇冠体育app's biggest publicly traded
real-estate developer, increased 0.43 yuan, or 2.7 percent, to 16.66
yuan.
The Shanghai Composite Index, which tracks the bigger of domestic
stock exchanges, added 1.6 percent to 3,122.81. The Shenzhen Composite Index,
which covers the smaller one, rose 2 percent to 833.58. Both measures closed at
all-time highs.
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