Index gains the most in 2 months
By Lu Nengneng |
April 13, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday rose the most in two months as banks climbed in anticipation of an easing in the reserve requirement ratio for lenders.
The Shanghai Composite Index surged 1.82 percent to close at 2,350.86 points.
Li Tao, an analyst at BOC International, said in a note that the central bank may cut the bank reserve requirement ratio as early as the end of this month to ease the interbank liquidity crunch.
Hopes of more money coming into the system lifted bank shares. The Industrial and Commercial Bank of China gained 1.6 percent to 4.36 yuan (69 US cents), and China Merchants Bank rose 2 percent to 12.01 yuan.
There is talk that the growth in China's economy in the first quarter of this year may slow from 8.9 percent a quarter earlier to 8.4 percent, the lowest since 2009's second quarter. The data will be unveiled today.
The Shanghai Composite Index surged 1.82 percent to close at 2,350.86 points.
Li Tao, an analyst at BOC International, said in a note that the central bank may cut the bank reserve requirement ratio as early as the end of this month to ease the interbank liquidity crunch.
Hopes of more money coming into the system lifted bank shares. The Industrial and Commercial Bank of China gained 1.6 percent to 4.36 yuan (69 US cents), and China Merchants Bank rose 2 percent to 12.01 yuan.
There is talk that the growth in China's economy in the first quarter of this year may slow from 8.9 percent a quarter earlier to 8.4 percent, the lowest since 2009's second quarter. The data will be unveiled today.
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