Index ends 1.4% up on banks and realty
By Feng Jianmin |
January 22, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rallied more than 1 percent yesterday, boosted by property developers and banks.
The Shanghai Composite Index gained 1.4 percent to close at 2,715.29 points. Turnover rose to 104.6 billion yuan (US$15.9 billion) from Thursday's 96 billion yuan.
The index declined 2.7 percent for the week, the largest weekly loss in two months, on tight market liquidity and concerns over more stringent monetary policies may be in the pipeline after official economic data showed China's economy grew stronger than expected last year.
But liquidity concerns eased after media reported the People's Bank of China on Thursday injected 50 billion yuan in banks that have liquidity problems. A total of 249 billion yuan has been added to the financial system this week, reports said.
China Citic Bank jumped 2.4 percent to 5.17 yuan after it said 2010 profit was more than 50 percent higher than the previous year's. The Industrial and Commercial Bank of China, the country's biggest lender, added 1.7 percent to 4.22 yuan.
Property developers were strong after reports showed several mutual funds, including the largest ones in the country, increased holdings of property shares in the fourth quarter of last year.
A China Merchants Securities report said investment in property may grow at a lower rate in 2011 but it still expects a rate of about 25 percent.
Poly Real Estate Group, China's second-largest listed developer, rose 3.5 percent to 13.48 yuan. Gemdale Corp, the fourth-largest, surged by 6.5 percent to 7.19 yuan.
The Shanghai Composite Index gained 1.4 percent to close at 2,715.29 points. Turnover rose to 104.6 billion yuan (US$15.9 billion) from Thursday's 96 billion yuan.
The index declined 2.7 percent for the week, the largest weekly loss in two months, on tight market liquidity and concerns over more stringent monetary policies may be in the pipeline after official economic data showed China's economy grew stronger than expected last year.
But liquidity concerns eased after media reported the People's Bank of China on Thursday injected 50 billion yuan in banks that have liquidity problems. A total of 249 billion yuan has been added to the financial system this week, reports said.
China Citic Bank jumped 2.4 percent to 5.17 yuan after it said 2010 profit was more than 50 percent higher than the previous year's. The Industrial and Commercial Bank of China, the country's biggest lender, added 1.7 percent to 4.22 yuan.
Property developers were strong after reports showed several mutual funds, including the largest ones in the country, increased holdings of property shares in the fourth quarter of last year.
A China Merchants Securities report said investment in property may grow at a lower rate in 2011 but it still expects a rate of about 25 percent.
Poly Real Estate Group, China's second-largest listed developer, rose 3.5 percent to 13.48 yuan. Gemdale Corp, the fourth-largest, surged by 6.5 percent to 7.19 yuan.
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