Banks fuel stock market gains
By Winny Wang |
March 31, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI shares, bolstered by widespread gains among banks and local-based companies, closed slightly higher yesterday, sending the benchmark index to the highest in two months.
The Shanghai Composite Index, which tracks the bigger mainland bourse, edged up 0.15 percent to close at 3,128.47. Turnover stood at 125 billion yuan (US$18.3 billion).
Jing Ulrich, chairwoman of China equities and commodities at JPMorgan Chase & Co, said in a note yesterday that China's stock market is likely to rise in the middle term.
She attributed the growth to adequate liquidity, a low interest rate on bank deposits, expected appreciation of the yuan, the launch of index futures and rising corporate earnings.
Lenders extended Monday's rally, which was spurred by the announcement of stock index futures trading.
"With concerns easing over supervision, financing and tightened credit, the investment environment for lenders heated up and more liquidity will be piled into lenders boosted by margin trading and index futures," said Sinolink Securities Co.
Shanghai-based firms did well as investors expect a good year due to the World Expo. Shanghai Jiaoyun Co jumped 3.33 percent to 10.25 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, edged up 0.15 percent to close at 3,128.47. Turnover stood at 125 billion yuan (US$18.3 billion).
Jing Ulrich, chairwoman of China equities and commodities at JPMorgan Chase & Co, said in a note yesterday that China's stock market is likely to rise in the middle term.
She attributed the growth to adequate liquidity, a low interest rate on bank deposits, expected appreciation of the yuan, the launch of index futures and rising corporate earnings.
Lenders extended Monday's rally, which was spurred by the announcement of stock index futures trading.
"With concerns easing over supervision, financing and tightened credit, the investment environment for lenders heated up and more liquidity will be piled into lenders boosted by margin trading and index futures," said Sinolink Securities Co.
Shanghai-based firms did well as investors expect a good year due to the World Expo. Shanghai Jiaoyun Co jumped 3.33 percent to 10.25 yuan.
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