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31/12/2013 07:25 AST
China’s stocks rose, paring this year’s loss, as the government approved five companies to sell shares after postponing initial public offerings for more than a year. Brokerages rallied, while small-company shares dropped.
Citic Securities Co. and Haitong Securities Co. climbed more than 1 percent on speculation new share sales will bolster earnings. Inner Mongolian Baotou Steel Union Co. jumped 10 percent after its board approved a plan to raise up to 29.8 billion yuan ($4.92 billion) to buy assets. Beijing Toread Outdoor Products Co. (300005) and Gansu Dayu Water Saving Group Co. slid more than 3 percent to pace declines for smaller companies.
The Shanghai Composite Index (SHCOMP) added 0.4 percent to 2,104.96 as of 10:59 a.m., paring this year’s losses to 7.3 percent. The ChiNext small-companies index, up 82 percent this year, slid 0.8 percent today. About 50 companies are expected to complete the IPO approval preparations and list or be ready to do so by the end of January, the China Securities Regulatory Commission said.
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Bloomberg
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
Index | Closing | Change |
---|---|---|
NIKKEI 225 | 21,292.29 | -96.29 (-0.45 |
DAX | 12,002.45 | -94.28 (-0.77 |
S&P 500 | 2,614.45 | 32.57 (1.26 |
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