Stocks edge up 1%
Updated: 2007-08-14 16:15
Stocks in the media, pharmaceutical and textile sectors performed better than the others. Closed-end mutual funds listed on the boards went up, with both the indices rising around 3 percent. B shares were up. Of the total 109 listed B shares, 102 closed up.
The China Securities Regulatory Commission (CSRC) yesterday announced an agreement to establish a cross-market system to supervise and coordinate the stock market and the upcoming CSI300 index futures market.
Five parties signed the agreement yesterday, including the Shanghai Stock Exchange, Shenzhen Stock Exchange, China Financial Futures Exchange and China Securities Depository and Clearing Co Ltd and China Futures Margin Monitoring Center Co Ltd.
Analysts believe the setup of a cross-market supervision system is necessary to maintain stability of the financial industry and may help China combat irregularities and protect investor interests.
The commission also issued a notice to securities brokers on management over idle stock accounts and the deposit system for third-party accounts. CSRC ordered China Securities Depository and Clearing Co Ltd, the Shanghai Stock Exchange and the Shenzhen Stock Exchange to work out detailed rules and procedures to establish a standardized account management system, improve new account administration, enforce supervision over the accounts, to facilitate the clients' trading of clearance third-party deposits.
As of last Friday, there were 112.3 million stock investment accounts in China, including 33.8 million new accounts opened this year. Of the total, 94.6 million accounts were held by individual A-share investors, including the 21.8 million new accounts opened this year. But there are many idle accounts seldom accessed by owners.
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