Chinese stocks rally in New York
Updated: 2012-07-02 09:48
By Belinda Cao in New York (China Daily)
|
||||||||
Chinese equities traded in New York rose the most in a month after regulators approved funds tracking Hong Kong shares and European leaders agreed on steps to ease the region's sovereign debt crisis.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in New York advanced 2.9 percent to 91.21 on Friday, the most since May 29. Sohu.com Inc, owner of the third-biggest search engine in China, jumped the most in three months, leading gains in Internet companies. Semiconductor Manufacturing International Corp surged 7.9 percent, the most since November, while LDK Solar Co, the world's second-largest maker of solar wafers, climbed for the first time in six days.
Leaders of the 17 euro countries dropped requirements that taxpayers get preferred creditor status on aid to Spain's banks and opened the way to recapitalize lenders directly. China sends about 20 percent of its overseas sales to the European Union, according to data compiled by the World Trade Organization. China's securities regulator on Friday approved the first two exchange-traded funds on the Shanghai and Shenzhen bourses to track Hong Kong stock indexes.
The EU's decision "reduced the risks of global banks failing, which is a positive for everything", Kevin Shacknofsky, who helps manage about $5 billion for Alpine Mutual Funds in Purchase, New York, said on Friday. "The new measures from China will increase investment flows across the border."
The iShares FTSE China 25 Index Fund, the biggest Chinese exchange-traded fund in the United States, soared 3.6 percent to a one-month high of $33.67. The Shanghai Composite Index advanced 1.3 percent.
Bloomberg News
Relief reaches isolated village
Rainfall poses new threats to quake-hit region
Funerals begin for Boston bombing victims
Quake takeaway from China's Air Force
Obama celebrates young inventors at science fair
Earth Day marked around the world
Volunteer team helping students find sense of normalcy
Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
![]()
|
![]()
|