Index closes at near 3-week high
By Ye Zhen |
October 10, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks closed at a near three-week high yesterday, boosted by the Chinese central bank's move to ease a liquidity crunch and on optimism that China's economy is recovering.
The Shanghai Composite Index rose 1.97 percent to end at 2,115.23, the highest since September 14.
The People's Bank of China yesterday injected 165 billion yuan (US$26 billion) into the financial system via a seven-day reverse repurchase agreement and an additional 100 billion yuan via a 28-day agreement.
"Market liquidity improved after the injection but still remains tight," said He Yifeng, an analyst at Hongyuan Securities.
Concern over China's economic slowdown eased after several indicators, including PMIs for the manufacturing and service sectors, rebounded in September. Zhang Liqun, a researcher at the Development Research Center of the State Council, said this signaled the economy has bottomed out and may be on the road to recovery.
The Industrial and Commercial Bank of China, the nation's largest lender, gained 1.3 percent to 3.80 yuan after Central Huijin Investment Ltd, a state-owned investment company, raised its stake in the lender by 6.3 million shares in the third quarter. The Bank of Communications rose 2.1 percent to 4.31 yuan. China Construction Bank added 2 percent to 4.06 yuan.
Brokerages rose on hopes the government will boost the sector. CITIC Securities, the biggest listed broker, rose 3.2 percent to 11.86 yuan. Founder Securities Co gained 5.2 percent to 4.47 yuan.
The Shanghai Composite Index rose 1.97 percent to end at 2,115.23, the highest since September 14.
The People's Bank of China yesterday injected 165 billion yuan (US$26 billion) into the financial system via a seven-day reverse repurchase agreement and an additional 100 billion yuan via a 28-day agreement.
"Market liquidity improved after the injection but still remains tight," said He Yifeng, an analyst at Hongyuan Securities.
Concern over China's economic slowdown eased after several indicators, including PMIs for the manufacturing and service sectors, rebounded in September. Zhang Liqun, a researcher at the Development Research Center of the State Council, said this signaled the economy has bottomed out and may be on the road to recovery.
The Industrial and Commercial Bank of China, the nation's largest lender, gained 1.3 percent to 3.80 yuan after Central Huijin Investment Ltd, a state-owned investment company, raised its stake in the lender by 6.3 million shares in the third quarter. The Bank of Communications rose 2.1 percent to 4.31 yuan. China Construction Bank added 2 percent to 4.06 yuan.
Brokerages rose on hopes the government will boost the sector. CITIC Securities, the biggest listed broker, rose 3.2 percent to 11.86 yuan. Founder Securities Co gained 5.2 percent to 4.47 yuan.
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