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Banks power shares to 1.19% gain
By Lu Nengneng |
April 20, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped to a one-month high as speculation of monetary easing and policy reform lifted financial firms.
The Shanghai Composite Index gained 1.19 percent today to 2,406.86 points, bringing the weekly gain to 2 percent. Turnover stood at 101.7 billion yuan (US$16.1 billion).
Banks led the gains as investors turned hopeful that another reserve requirement cut will be announced soon after Shanghai Security Journal reported the People's Bank of China pumped 52 billion yuan into the market this week to ease the liquidity crunch.
Industrial and Commercial Bank of China, the country's largest lender, rose 1.6 percent to 4.42 yuan. China Merchants Bank gained 1.9 percent to 12.19 yuan.
Insurers and brokers also advanced as top-level officials will attend an upcoming financial conference in Shanghai. Some market watchers speculated that they may introduce more innovations to expand financial activities in the city.
Looking forward to the establishment of a Shanghai insurance exchange, China Life Insurance, the nation's biggest insurer, strengthened 3.6 percent to close at 18.31 yuan. China Pacific Insurance surged 3.9 percent to 21.97 yuan.
Haitong Securities gained 2.4 percent to 10.33 yuan. Sinolink Securities shot up by the daily limit of 10 percent to 13.64 yuan.
The Shanghai Composite Index gained 1.19 percent today to 2,406.86 points, bringing the weekly gain to 2 percent. Turnover stood at 101.7 billion yuan (US$16.1 billion).
Banks led the gains as investors turned hopeful that another reserve requirement cut will be announced soon after Shanghai Security Journal reported the People's Bank of China pumped 52 billion yuan into the market this week to ease the liquidity crunch.
Industrial and Commercial Bank of China, the country's largest lender, rose 1.6 percent to 4.42 yuan. China Merchants Bank gained 1.9 percent to 12.19 yuan.
Insurers and brokers also advanced as top-level officials will attend an upcoming financial conference in Shanghai. Some market watchers speculated that they may introduce more innovations to expand financial activities in the city.
Looking forward to the establishment of a Shanghai insurance exchange, China Life Insurance, the nation's biggest insurer, strengthened 3.6 percent to close at 18.31 yuan. China Pacific Insurance surged 3.9 percent to 21.97 yuan.
Haitong Securities gained 2.4 percent to 10.33 yuan. Sinolink Securities shot up by the daily limit of 10 percent to 13.64 yuan.
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