Index ends higher for fourth straight day
By Lydia Chen |
October 28, 2011, Friday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday rose for a fourth straight day on speculation that China may start to ease its monetary tightening policies.
The Shanghai Composite Index added 0.3 percent to close at 2,435.61 points.
Shanghai-based transport and service firms were among the strongest performers yesterday after China announced on Wednesday it will start lowering corporate taxes in selected service industries next year. The trial scheme will focus on Shanghai as the government acts to support firms saddled by rising costs and slowing growth.
Dazhong Transportation Group Co jumped by the daily limit of 10 percent to 6.44 yuan (US$1.01).
Starting on January 1, transportation and some service companies in Shanghai will have their business taxes replaced by a value-added tax, the majority of which will be deductible, the State Council, China's Cabinet, said in a statement.
Gains among banks reinforced the market rise thanks to strong earning reports released by lenders and expectations that China may lower bank reserve requirement ratio soon. The Agriculture Bank of China climbed 1.1 percent to 2.68 yuan after it said third-quarter net profit rose to 34.1 billion yuan from 24.3 billion yuan a year ago.
China's central bank yesterday suspended sales of three-year bank notes, a move analysts said indicated the country may ease policies in certain economic areas.
China may lower the reserve requirement ratio for small and medium-sized banks in November and extend the cutback to all banks if housing prices start to head downwards and inflation falls to 4 percent, said Shen Jianguang, chief economist of the Mizuho Financial Group.
The Shanghai Composite Index added 0.3 percent to close at 2,435.61 points.
Shanghai-based transport and service firms were among the strongest performers yesterday after China announced on Wednesday it will start lowering corporate taxes in selected service industries next year. The trial scheme will focus on Shanghai as the government acts to support firms saddled by rising costs and slowing growth.
Dazhong Transportation Group Co jumped by the daily limit of 10 percent to 6.44 yuan (US$1.01).
Starting on January 1, transportation and some service companies in Shanghai will have their business taxes replaced by a value-added tax, the majority of which will be deductible, the State Council, China's Cabinet, said in a statement.
Gains among banks reinforced the market rise thanks to strong earning reports released by lenders and expectations that China may lower bank reserve requirement ratio soon. The Agriculture Bank of China climbed 1.1 percent to 2.68 yuan after it said third-quarter net profit rose to 34.1 billion yuan from 24.3 billion yuan a year ago.
China's central bank yesterday suspended sales of three-year bank notes, a move analysts said indicated the country may ease policies in certain economic areas.
China may lower the reserve requirement ratio for small and medium-sized banks in November and extend the cutback to all banks if housing prices start to head downwards and inflation falls to 4 percent, said Shen Jianguang, chief economist of the Mizuho Financial Group.
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