Hopes propel index to 1-month high
By Lu Nengneng |
April 21, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday jumped to a one-month high as speculation of monetary easing and policy reform lifted banks and financial-related counters.
The Shanghai Composite Index gained 1.19 percent to 2,406.86 points, bringing the weekly gain to 2 percent.
Ping An Securities said in a note that it expects the market to embark on a bullish trend in the second quarter as China's economy may bottom out then following an increase in money supply.
Banks led the gains as investors were hoping for an announcement soon of another reserve requirement cut after the Shanghai Securities News reported the People's Bank of China pumped 52 billion yuan into the market this week to ease the liquidity crunch.
The Industrial and Commercial Bank of China, the country's largest lender, rose 1.6 percent to 4.42 yuan (70 US cents). China Merchants Bank gained 1.9 percent to 12.19 yuan.
Insurers and brokers also rose on hopes that top-level officials may unveil more innovations to boost financial activities in Shanghai when they attend an upcoming financial meeting in the city.
Expecting the setting up of a Shanghai insurance exchange, China Life Insurance, the nation's biggest insurer, added 3.6 percent to 18.31 yuan, and China Pacific Insurance surged 3.9 percent to 21.79 yuan. Haitong Securities gained 2.4 percent to 10.33 yuan. Sinolink Securities jumped by the daily limit of 10 percent to close at 13.64 yuan.
The Shanghai Composite Index gained 1.19 percent to 2,406.86 points, bringing the weekly gain to 2 percent.
Ping An Securities said in a note that it expects the market to embark on a bullish trend in the second quarter as China's economy may bottom out then following an increase in money supply.
Banks led the gains as investors were hoping for an announcement soon of another reserve requirement cut after the Shanghai Securities News reported the People's Bank of China pumped 52 billion yuan into the market this week to ease the liquidity crunch.
The Industrial and Commercial Bank of China, the country's largest lender, rose 1.6 percent to 4.42 yuan (70 US cents). China Merchants Bank gained 1.9 percent to 12.19 yuan.
Insurers and brokers also rose on hopes that top-level officials may unveil more innovations to boost financial activities in Shanghai when they attend an upcoming financial meeting in the city.
Expecting the setting up of a Shanghai insurance exchange, China Life Insurance, the nation's biggest insurer, added 3.6 percent to 18.31 yuan, and China Pacific Insurance surged 3.9 percent to 21.79 yuan. Haitong Securities gained 2.4 percent to 10.33 yuan. Sinolink Securities jumped by the daily limit of 10 percent to close at 13.64 yuan.
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