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Stocks rebound slightly in morning
By Feng Jianmin |
July 26, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market recovered slightly from yesterday's plummet in the morning session after liquidity improved.
The benchmark Shanghai Composite Index edged up 0.06 percent to 2,690.33 points. Turnover dropped to 43.3 billion yuan (US$6.7 billion).
"The plunge of the index yesterday was under combined impact of market panic and liquidity concerns," said Shen Zhengyang, an analyst with Dongbei Securities. "There is no need for excessive panic as the central bank may slowdown its tightening steps."
But Shen said the market may remain weak in the short term.
The central bank issued 1 billion yuan's one-year bill today, 4 billion yuan less than last week. A total of 34 billion yuan's notes are maturing this week and market watchers expected that the central bank will inject funds into the market through open market operations this week to ease liquidity pressure.
China's benchmark money rate fell for the third day to 4.99 percent as of 11:30 am.
Railway related shares continued to decline as Saturday's bullet train crash hurt investors' confidence. CSR Corp, a major train carriage builder in China, dropped 3.6 percent to 5.82 yuan while CNR Corp, another train maker lost another 4.1 percent to 5.63 yuan. Both tumbled nearly 10 percent yesterday. China Railway Construction Corp dipped 0.7 percent to 5.37 yuan.
Airlines rallied China Eastern Airline jumped 7 percent to 5.45 after rising more than 1 percent yesterday. Air China rose 3.2 percent to 10.01 yuan.
The benchmark Shanghai Composite Index edged up 0.06 percent to 2,690.33 points. Turnover dropped to 43.3 billion yuan (US$6.7 billion).
"The plunge of the index yesterday was under combined impact of market panic and liquidity concerns," said Shen Zhengyang, an analyst with Dongbei Securities. "There is no need for excessive panic as the central bank may slowdown its tightening steps."
But Shen said the market may remain weak in the short term.
The central bank issued 1 billion yuan's one-year bill today, 4 billion yuan less than last week. A total of 34 billion yuan's notes are maturing this week and market watchers expected that the central bank will inject funds into the market through open market operations this week to ease liquidity pressure.
China's benchmark money rate fell for the third day to 4.99 percent as of 11:30 am.
Railway related shares continued to decline as Saturday's bullet train crash hurt investors' confidence. CSR Corp, a major train carriage builder in China, dropped 3.6 percent to 5.82 yuan while CNR Corp, another train maker lost another 4.1 percent to 5.63 yuan. Both tumbled nearly 10 percent yesterday. China Railway Construction Corp dipped 0.7 percent to 5.37 yuan.
Airlines rallied China Eastern Airline jumped 7 percent to 5.45 after rising more than 1 percent yesterday. Air China rose 3.2 percent to 10.01 yuan.
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