China stocks rise on resumption of new listings, HK edges up

lunes 9 de noviembre de 2015 00:38 GYT
 

* CSI300 +1.5 pct, SSEC +1.6 pct; HSI +0.12 pct

* China allows IPOs to resume after being suspended in July

* Banks and finance firms rise on bargain hunting

SHANGHAI, Nov 9 (Reuters) - Chinese equities rose on Monday, underpinned by the securities regulator's move on Friday to allow initial public offerings (IPOs) to resume after a more than 3-month halt.

The CSI300 index rose 1.5 percent, to 3,848.77 points at the end of the morning session, while the Shanghai Composite Index gained 1.6 percent, to 3,648.42 points.

China CSI300 stock index futures for November rose 1.1 percent, to 3,785.2, 63.57 points below the current value of the underlying index.

Analysts say China's abrupt equity market crash this summer, which pushed the benchmark CSI300 index down around 40 percent, was exacerbated by a stampede of firms looking to list while prices were at their peak in late spring and early summer.

Companies in mainland China had raised $23.4 billion in IPOs in 2015 through mid-June before regulators suspended deals, far surpassing the $13.2 billion in all of 2014, Thomson Reuters data showed.

At one point the CSRC was letting 40 companies list every week and there were even more secondary issuances.   Continuación...