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Index rebounds, jumping 2.6%
By Ye Zhen |
September 28, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks soared the most in nearly three weeks yesterday amid speculation the government will step up efforts to boost market confidence.
The benchmark Shanghai Composite Index advanced 2.6 percent to settle at 2,056.32 points.
The index gained as much as 3.2 percent in the early afternoon yesterday on rumors the China Securities Regulatory Commission, China's top securities regulator, would unveil measures to lift the market at a meeting later in the day. Speculation was that the regulator would announce a suspension of initial public offerings, which many investors have called for over concerns that more IPOs will worsen an already-tight market liquidity.
Analysts said expectations for policy support mounted after the key index slid below the key support level of 2,000 points on Wednesday, hitting a 44-month low. "There are high hopes that the government will introduce market-boosting measures ahead of the upcoming party congress to battle the continuous downturn in the stock market recently," Shenyin & Wanguo Securities said.
The index erased some of the earlier gains after the regulator denied the rumors.
The market was also boosted by the central bank's move to inject a total of 180 billion yuan (US$28.6 billion) into the nation's banking system via reverse repurchase agreements. The People's Bank of China has released 365 billion yuan via open market operations so far this week, marking the biggest weekly injection.
Citic Securities, the biggest listed brokerage, advanced among brokerages, rising 4.9 percent to 11.54 yuan. Soochow Securities Co surged 9.5 percent to 8.52 yuan. Sinolink Securities Co jumped by the daily limit of 10 percent to 14.37 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, climbed 2.5 percent to 3.73 yuan. China Construction Bank Corp rose 2.1 percent to 3.92 yuan. China Merchants Bank gained 3.4 percent to 10.08 yuan.
The benchmark Shanghai Composite Index advanced 2.6 percent to settle at 2,056.32 points.
The index gained as much as 3.2 percent in the early afternoon yesterday on rumors the China Securities Regulatory Commission, China's top securities regulator, would unveil measures to lift the market at a meeting later in the day. Speculation was that the regulator would announce a suspension of initial public offerings, which many investors have called for over concerns that more IPOs will worsen an already-tight market liquidity.
Analysts said expectations for policy support mounted after the key index slid below the key support level of 2,000 points on Wednesday, hitting a 44-month low. "There are high hopes that the government will introduce market-boosting measures ahead of the upcoming party congress to battle the continuous downturn in the stock market recently," Shenyin & Wanguo Securities said.
The index erased some of the earlier gains after the regulator denied the rumors.
The market was also boosted by the central bank's move to inject a total of 180 billion yuan (US$28.6 billion) into the nation's banking system via reverse repurchase agreements. The People's Bank of China has released 365 billion yuan via open market operations so far this week, marking the biggest weekly injection.
Citic Securities, the biggest listed brokerage, advanced among brokerages, rising 4.9 percent to 11.54 yuan. Soochow Securities Co surged 9.5 percent to 8.52 yuan. Sinolink Securities Co jumped by the daily limit of 10 percent to 14.37 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, climbed 2.5 percent to 3.73 yuan. China Construction Bank Corp rose 2.1 percent to 3.92 yuan. China Merchants Bank gained 3.4 percent to 10.08 yuan.
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