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Central bank's move lifts market slightly
By Ye Zhen |
May 14, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning after China's central bank cut the requirement on the amount of cash banks have to hold in reserve on Saturday, a move designed to spur expansion as data showed a slowdown in the world's second largest economy is continuing.
The benchmark Shanghai Composite Index gained 0.19 percent, or 4.58 points to 2,399.56. Turnover stood at 49.7 billion yuan (US$7.89 billion) at the noon break.
The People's Bank of China announced on Saturday that it's cutting the reserve requirement ratio by 50 basic points, effective on May 18. This is the third cut in this easing cycle since last November.
The move came after a series of weaker-than-expected data were released last week, including exports, retail sales, industrial production and loan growth, while inflation for April has weakened.
Brokerages and lenders performed strongly. Sealand Securities Co surged 9 percent to 26.67 yuan. Sinolink Securities Co rose 4.7 percent to 14.61 yuan. Citic Securities, China's biggest listed brokerage, gained 2.1 percent to 13.04 yuan.
The Industrial And Commercial Bank Of China Ltd, the nation's largest lender, added 0.5 percent to 4.38 yuan. Bank Of Nanjing Co rose 1 percent to 9.45 yuan. Bank of Beijing Co rose 0.8 percent to 10.27 yuan.
Property developers rose on the increasing liquidity. China Vanke, the nation's largest developer, edged up 0.56 percent to 9 yuan. Poly Real Estate Group Co, China's second-largest listed developer, gained 2 percent to 12.87 yuan. Zhejiang Guangsha Co jumped 8.3 percent to 5.33 yuan. Jiangxi Zhongjiang Real Estate Co rose 6.3 percent to 7.09 yuan.
The benchmark Shanghai Composite Index gained 0.19 percent, or 4.58 points to 2,399.56. Turnover stood at 49.7 billion yuan (US$7.89 billion) at the noon break.
The People's Bank of China announced on Saturday that it's cutting the reserve requirement ratio by 50 basic points, effective on May 18. This is the third cut in this easing cycle since last November.
The move came after a series of weaker-than-expected data were released last week, including exports, retail sales, industrial production and loan growth, while inflation for April has weakened.
Brokerages and lenders performed strongly. Sealand Securities Co surged 9 percent to 26.67 yuan. Sinolink Securities Co rose 4.7 percent to 14.61 yuan. Citic Securities, China's biggest listed brokerage, gained 2.1 percent to 13.04 yuan.
The Industrial And Commercial Bank Of China Ltd, the nation's largest lender, added 0.5 percent to 4.38 yuan. Bank Of Nanjing Co rose 1 percent to 9.45 yuan. Bank of Beijing Co rose 0.8 percent to 10.27 yuan.
Property developers rose on the increasing liquidity. China Vanke, the nation's largest developer, edged up 0.56 percent to 9 yuan. Poly Real Estate Group Co, China's second-largest listed developer, gained 2 percent to 12.87 yuan. Zhejiang Guangsha Co jumped 8.3 percent to 5.33 yuan. Jiangxi Zhongjiang Real Estate Co rose 6.3 percent to 7.09 yuan.
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