Index gains 1.23 percent amid startup momentum

Updated 2018-02-27 09:40:02

Chinese stocks remained strong yesterday as startups showed upward momentum with investors expecting small-cap shares to benefit from a proposal to delay reforms on initial public offerings.

The benchmark Shanghai Composite Index advanced 1.23 percent to 3,329.57 points, with a turnover of 213.3 billion yuan (.8 billion).

Financial shares and brokerages pushed up the index. GF Securities advanced 2.41 percent to 16.99 yuan and Sinolink Securities rose 2.89 percent.

China Securities Regulatory Commission chairman Liu Shiyu last week submitted a proposal to the Standing Committee of the National People's Congress to allow the State Council two more years to adjust the stock listing system from the approval-based mode to registration-based, seeking time until February-end 2020.

"The delay in the IPO registration scheme doesn't mean a shift in IPO reform direction and it would eventually optimize the IPO mechanism to become more market-oriented and to include more companies into the equity market," Huatai Securities wrote in a research note yesterday.

Metal producers were also among the gainers, with China Molybdenum Co jumping 7.36 percent to 8.61 yuan.

Property shares had mixed results after home price inflation moderated in January. The number of cities with a month-on-month moderation in prices rose to 13 in January from 7 in December, while the number with flat or higher prices fell.

China Vanke Co lost 1.56 percent to 34.18 yuan and Gemdale Corp retreated 2.07 percent to 12.76 yuan. Shimao Corp edged up 0.75 percent to 5.34 yuan. Shanghai AJ Group advanced 1.11 percent to 12.75 yuan.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 19 2018 16:26:04

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 19 2018 16:26:04

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 19 2018 16:26:04

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords