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Shares in Chinese stock market trade higher after Fed holds rates

08-10-2011 15:38 BJT Special Report:After S&P Downgrades U.S. Credit Rating |

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Following global and regional trend, shares on the Chinese mainland are also trading higher, with the benchmark Shanghai Composite opening 1.4 percent higher at 2,562 points. Analysts say the next resistance level is at 2,580 points.

In further relief to the investors, the Chinese Securities Journal said in a front-page editorial this morning that China will not raise interest rates soon amid global market turbulence, but the central bank could still take tightening steps later.

Shares in Founder Securities, the Chinese partner of Credit Suisse, surged 50 percent on its Shanghai debut this morning, shrugging off fragile investor sentiment after the market suffered its worst selloff in nine months.

Founder is the 19th biggest brokerage in China by assets. It raised 5.585 billion yuan in the country's third largest IPO so far this year. Founder's strong debt is leading all major brokerages higher.

And independent non-executive director of China Southern Airlines has resigned after getting ensnared in an insider trading case in Hong Kong. According to a company statement filed with the Shanghai Stock Exchange, Lam Kwong Yu's resignation took effect last Friday.

The Hong Kong Securities and Futures Commission has commenced criminal proceedings against Lam for alleged insider dealing while he was an independent director of Hong Kong Aircraft Engineering Company.

In the banking sector, about three trillion yuan worth of bank loans have flowed into the grey market for high-yielding loans in the eastern coastal provinces of Jiangsu and Zhejiang, where small and medium sized enterprises are desperate for funding. This is according to Securities Times, citing a speech by top banking regulator Liu Mingkang. The CBRC has already started a nationwide crackdown on such practices, and urged banks to monitor loan flows more closely.

Editor:Zhang Dan |Source: CNTV.CN

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