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Chinese shares post strong gains on frozen for IPOs flows back

2015-12-03 16:24

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Share prices on China's Shanghai and Shenzhen bourses posted strong gains on Thursday as the trillions of yuan capital frozen for subscribing IPOs earlier this week began to be unfrozen and flow back to the secondary market.

A bigger amount of such frozen capital is scheduled to be unfrozen on Friday. On Thursday, both small and big cap stocks buoyed, a significant change from the situation on Wednesday when big caps surged while small caps shed.

For the whole day, the benchmark Shanghai Composite Index went up 1.35 percent to end at 3,584.82 points. The Shenzhen Composite Index surged 2.50 percent to end at 2,243.94 points.

The index for small firms rose 1.99 percent to end at 8,346.63 and the ChiNext Index jumped 3.63 percent to end at 2,708.12. Combined turnover of the two bourses shrank slightly to 795.5 billion yuan from 838.5 billion yuan on the previous trading day, due mainly to light selling pressure.

All listed sectors except for securities dealers ended in the positive territory, led by software services, mineral products, petroleum, internet, computer equipment, petroleum, media and entertainment, telecom equipment and tourism sectors.

On the stock index futures market, the IF December contract surged 1.13 percent to end at 3,699.6, keeping a discount of 49.7 points to the underlying Hushen 300 Index, which increased 0.73 percent to end at 3,749.30. The SSE 50 December contract went up 0.38 percent to end at 2,438.2, keeping a discount of 23.25 points to the underlying SSE 50 Index, which edged up 0.12 percent to close at 2,461.45. The CSI November contract rose 2.27 percent to end at 7,377.8, keeping a discount of 192.71 points to the underlying CSI 500 stock index, which surged 2.22 percent to end at 7,570.51.

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