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Brokerage firms, agriculture companies lift market in morning
By Feng Jianmin |
May 26, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose for first time this morning in six trading days, led by brokerages and agriculture related companies.
The benchmark Shanghai Composite Index rose 0.53 percent to 2,756.26. Turnover rose to 53.3 billion yuan (US$8.2 billion).
Liquidity pressure eased a little as sever-day repurchase ratio today fell 21.67 basic points from a 3-month record to 5.0883 percent.
China's central bank issued 1 billion yuan worth of 3-month bills today, a record low as demand was low amid tight liquidity. Analysts said the central bank may not raise reserve requirements under current situation.
Brokerages rallied. GF Securities jumped 7.6 percent to 33.90 yuan. Industrial Securities climbed 4.6 percent to 15.87 yuan.
The approaching of international board at Shanghai bourse will boost brokers' profits from underwriting, Dong Le, an analyst with Haitong Securities said.
Agricultural sector rose on speculation that a drought at the middle and lower reaches of Yangtze River will result in a shortage of food supply and drive prices higher. Hunan New Wellful Co jumped by the daily limit of 10 percent to 11.20 yuan. Shanghai Dajiang Group surged 8.3 percent to 9.79 yuan.
The benchmark Shanghai Composite Index rose 0.53 percent to 2,756.26. Turnover rose to 53.3 billion yuan (US$8.2 billion).
Liquidity pressure eased a little as sever-day repurchase ratio today fell 21.67 basic points from a 3-month record to 5.0883 percent.
China's central bank issued 1 billion yuan worth of 3-month bills today, a record low as demand was low amid tight liquidity. Analysts said the central bank may not raise reserve requirements under current situation.
Brokerages rallied. GF Securities jumped 7.6 percent to 33.90 yuan. Industrial Securities climbed 4.6 percent to 15.87 yuan.
The approaching of international board at Shanghai bourse will boost brokers' profits from underwriting, Dong Le, an analyst with Haitong Securities said.
Agricultural sector rose on speculation that a drought at the middle and lower reaches of Yangtze River will result in a shortage of food supply and drive prices higher. Hunan New Wellful Co jumped by the daily limit of 10 percent to 11.20 yuan. Shanghai Dajiang Group surged 8.3 percent to 9.79 yuan.
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