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Banks lead Shanghai index up despite rate hike
By Lydia Chen |
April 6, 2011, Wednesday
|
Online Edition
Online Edition
BANKS pushed the Shanghai stock market up this morning, shrugging off pressures from China's latest interest rate hike designed to curb rising inflation.
The Shanghai Composite Index jumped 0.81 percent to 2,991.46 at midday.
Lenders were the leading gainers among all plays with a gain of 1.92 percent in the industry index in the morning session.
Industrial & Commercial Bank of China, the world's biggest lender by market value, added 2.22 percent to 4.60 yuan (70 US cents). Bank of Communications climbed 3.79 percent to 6.03 yuan.
China yesterday raised interest rates for the second time this year - and the fourth increase since October - as it tries to dampen high inflation.
The benchmark one-year lending rate rose to 6.31 percent from today, up 0.25 percentage point, the People's Bank of China said on its website last night. The one-year deposit rate increased by the same level to 3.25 percent.
Analysts at China International Capital Corp said in a note today that the rises in both lending and deposit rates indicated the central bank has no intention to squeeze profit margins for domestic lenders who can still now enjoy a nearly three percent rate gap after the hikes.
The Shanghai Composite Index jumped 0.81 percent to 2,991.46 at midday.
Lenders were the leading gainers among all plays with a gain of 1.92 percent in the industry index in the morning session.
Industrial & Commercial Bank of China, the world's biggest lender by market value, added 2.22 percent to 4.60 yuan (70 US cents). Bank of Communications climbed 3.79 percent to 6.03 yuan.
China yesterday raised interest rates for the second time this year - and the fourth increase since October - as it tries to dampen high inflation.
The benchmark one-year lending rate rose to 6.31 percent from today, up 0.25 percentage point, the People's Bank of China said on its website last night. The one-year deposit rate increased by the same level to 3.25 percent.
Analysts at China International Capital Corp said in a note today that the rises in both lending and deposit rates indicated the central bank has no intention to squeeze profit margins for domestic lenders who can still now enjoy a nearly three percent rate gap after the hikes.
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