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Shares up 2.5% on index futures trading comment

(Xinhua)
Updated: 2008-05-28 19:29

BEIJING - Shares performed strongly on Wednesday, gaining about 2.5 percent, as sentiment was buoyed by a regulator's comment that stock index futures were about ready to begin trade.

The news particularly benefited brokers and a range of non-financial companies that have holdings in futures-trading companies.

A senior official with the China Securities Regulatory Commission said on Wednesday morning that after two years of preparation, index futures were "ready for market".

Analysts with Guotai Jun'an Securities said that the start of stock index futures would benefit brokerage firms.

The benchmark Shanghai Composite Index closed at 3,459.99 points, up 84.58 points, or 2.51 percent. The Shenzhen Component Index ended at 12,330.16 points, up 331.79 points, or 2.77 percent.

Combined turnover climbed to 100.8 billion yuan ($14.6 billion) from the previous day's 83.78 billion yuan, reflecting a recovery of investor confidence.

Among futures-related stocks, Northwest Chemical, New Huangpu, Dazhong Transport, Jiangsu Shuntian, Zhongda Holdings, Hongye Holdings and Xiamen International Trade rose by the daily limit of 10 percent. These companies hold stakes in futures-trading operations.

Brokers' shares gained more than 6 percent on average. For example, CITIC Securities rose 6.16 percent to 34.31 yuan and Changjiang Securities went up 6.98 percent to 24.36 yuan.

All heavyweights rose steadily.

Sinopec, China's largest oil refiner, gained 4.49 percent to 12.79 yuan, PetroChina, the nation's biggest oil producer, went up 2.14 percent to 17.63 yuan, and China Ping An, a leading life insurer, up 3.26 percent to 55.8 yuan.

On Wednesday, the Hushen 300 Index reflecting the performance of both the Shanghai and Shenzhen stock exchanges closed at 3,676.23 points, gaining 100.03 points from the previous close.

Gains outnumbered losses by 779 to 51 in Shanghai and 621 to 40 in Shenzhen.