Index caps sixth week of gains as stocks rally
By Lilith Hu |
February 25, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday on improving liquidity and speculations on easing property market curbs.
The Shanghai Composite Index jumped 1.25 percent to 2,439.63, the highest close since November 17. The index gained 3.5 percent this week, a sixth week of gains - the longest weekly winning streak since November 2010.
The reserve requirement ratio for large commercial banks now stands at 20.5 percent, as the People's Bank of China executed a cut in the ratio by 0.5 percentage point yesterday, pumping 400 billion yuan (US$63.5 billion) into the financial system.
"The central bank added 2 billion yuan into the system this week through its open-market operations," said Zhou Yan, a financial analyst at the Bank of Communications.
The seven-day repurchase rate, a gauge of liquidity available in the financial system, tumbled yesterday, indicating an easing of the cash crunch.
Qilu Securities also said: "The government's relaxing measures have a more direct impact on the property market than the central bank's liquidity boost."
Orient Securities agreed that the shares of property developers will continue to rally on more relaxation of housing curbs in 2012.
Poly Real Estate Group, China's second-biggest listed developer, surged 3.54 percent to 11.7 yuan.
The Shanghai Composite Index jumped 1.25 percent to 2,439.63, the highest close since November 17. The index gained 3.5 percent this week, a sixth week of gains - the longest weekly winning streak since November 2010.
The reserve requirement ratio for large commercial banks now stands at 20.5 percent, as the People's Bank of China executed a cut in the ratio by 0.5 percentage point yesterday, pumping 400 billion yuan (US$63.5 billion) into the financial system.
"The central bank added 2 billion yuan into the system this week through its open-market operations," said Zhou Yan, a financial analyst at the Bank of Communications.
The seven-day repurchase rate, a gauge of liquidity available in the financial system, tumbled yesterday, indicating an easing of the cash crunch.
Qilu Securities also said: "The government's relaxing measures have a more direct impact on the property market than the central bank's liquidity boost."
Orient Securities agreed that the shares of property developers will continue to rally on more relaxation of housing curbs in 2012.
Poly Real Estate Group, China's second-biggest listed developer, surged 3.54 percent to 11.7 yuan.
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