China stocks rise to one-week high
22 July 2008
China's stocks rose to a one-week high on Monday following a report in the China Securities Journal that regulators may slow approvals for stock sales, Bloomberg reported. The benchmark CSI 300 Index rose by 95.59 points, or 3.4%, to 2,911.05, its highest point since July 14. The Shanghai Composite Index rose 3% to 2,861.42. The China Securities Journal said that the China Securities Regulatory Commission was considering measures to stabilize China's flagging stock markets amidst a selloff that has seen the CSI 300 lose 45% this year. Ping An Insurance rose by 4.5% to RMB42.92 (US$6.29), extending a 4.2% gain the previous day. China Merchants Bank added 4.2% to RMB23.68 (US$3.47). Other firms that saw gains were Suning Appliance, Daqing Railway and Citic Securities.