China shares rise on news that IPOs will resume soon
SHANGHAI Nov 9 (Reuters) - China stocks closed up on Monday, as investors welcomed Friday evening's announcement by the securities regulator that initial public offerings (IPOs) would resume in the next several weeks.
After a lull of more than three months and the market now up over 20 percent from its September low, regulators appear to have concluded that sentiment has recovered sufficiently to permit some additional supply of shares.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 1.2 percent, to 3,840.35, while the Shanghai Composite Index gained 1.6 percent, to 3,646.88 points.
Among the most active stocks in Shanghai were Agricultural Bank of China, up 3.8 percent to 3.32 yuan; Bank of China, up 4.2 percent to 4.18 yuan and China State Con, up 0.1 percent to 7.11 yuan.
In Shenzhen, BOE Technology, up 0.3 percent to 3.12 yuan; Tongling NFM, down 1.1 percent to 3.78 yuan and Suning Appliance, down 1.3 percent to 17.07 yuan were among the most actively traded.
Total turnover of A shares traded in Shanghai was 50.2 billion lots, while Shenzhen volume was 42.2 billion lots. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)
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