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China's two bourses closed their morning trading sessions about one percent higher Wednesday, the first trading day in the traditional Chinese Year of the Rooster after a week-long holiday.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, rose 15.4 points, or 1.2 percent, to close the trading at 1,284.4 points.
Dealers attributed the gains to the help from the regulations, published Tuesday by the China Insurance Regulatory Commission, which set rules for insurance firms to invest in the securities markets.
Theoretically speaking, up to 55 billion yuan (US$6.7 billion) worth of premiums could be invested in the markets as from Wednesday, said the dealers.
The Shenzhen Composite Index reported a surge of 35.7 points, or an increase of 1.09 percent, with its closure at 3,301.7 points.
Yuan Xiaoyan, an analyst with United Securities Co., said, the timing of the issuance of the regulations indicated the regulator, or the Chinese Securities Regulatory Commission, intended to boosted the sluggish Chinese stock markets, which experienced continuous falls in the past four years.
The Shanghai Composite Index dropped below 1,200 points on January 31, a six-year record low after shedding 21.85 points to close the trading at 1,191.82 points.
The markets rebounded by about 5 percent on February 2 on unidentified reports that the central government planned to boost the markets.
(Xinhua News Agency February 17, 2005)
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