Index cuts early gains but ends up higher
By Feng Jianmin |
March 19, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended slightly up yesterday as earlier gains due to the improving situation in Japan were pared by concerns over further domestic tightening monetary measures.
The Shanghai Composite Index added 0.3 percent to 2,906.89 after rising as much as 1.1 percent in the morning. Turnover fell to 127 billion yuan (US$19 billion) from Thursday's 170 billion yuan.
The benchmark fell 0.9 percent this week following the devastating earthquake and tsunami in Japan last week.
Japan's benchmark Nikkei 225 went up 2.7 percent yesterday after finance ministers from the Group of Seven industrialized nations met and agreed to jointly intervene in the foreign exchange market for the first time in more than a decade after the Japanese currency yen soared.
Meanwhile, China's central bank has withdrawn 49 billion yuan from the financial market through open market operations this week, the China Securities Journal reported yesterday. The central bank announced it will raise the reserve requirement ratio by 0.5 percentage point after the market closed.
"Market was weighed down mainly by low confidence for economic growth and insufficient liquidity," said Xu Weihong, an analyst of Guodu Securities. "The reserve requirement hike is expected to have a smaller impact on the market after frequent increases."
Gold miners rose as gold bullion prices hit as high as US$1,414 an ounce in electronic trading in New York. Zhongjin Gold Corp rose 0.5 percent to 35.54 yuan.
The Shanghai Composite Index added 0.3 percent to 2,906.89 after rising as much as 1.1 percent in the morning. Turnover fell to 127 billion yuan (US$19 billion) from Thursday's 170 billion yuan.
The benchmark fell 0.9 percent this week following the devastating earthquake and tsunami in Japan last week.
Japan's benchmark Nikkei 225 went up 2.7 percent yesterday after finance ministers from the Group of Seven industrialized nations met and agreed to jointly intervene in the foreign exchange market for the first time in more than a decade after the Japanese currency yen soared.
Meanwhile, China's central bank has withdrawn 49 billion yuan from the financial market through open market operations this week, the China Securities Journal reported yesterday. The central bank announced it will raise the reserve requirement ratio by 0.5 percentage point after the market closed.
"Market was weighed down mainly by low confidence for economic growth and insufficient liquidity," said Xu Weihong, an analyst of Guodu Securities. "The reserve requirement hike is expected to have a smaller impact on the market after frequent increases."
Gold miners rose as gold bullion prices hit as high as US$1,414 an ounce in electronic trading in New York. Zhongjin Gold Corp rose 0.5 percent to 35.54 yuan.
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