Index recoups to close at 2-week high
By Lu Nengneng |
April 12, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index still rose to a two-week high yesterday amid uncertainty about whether policy makers will ease monetary stance further to pull China out of an economic downturn.
The Shanghai Composite Index, which fell as much as 1.06 percent in early trading, closed 0.13 percent up at 2,308.93 points.
Chen Jianhua, an analyst at Yintai Securities, said recent economic data have caused turbulence in the market because investors are not sure how authorities will juggle the need to stimulate the economy with a desire to curtail inflation at the same time.
March economic data this week showed China's inflation rate at a slightly higher-than-expected 3.6 percent and export growth weakening to 8.9 percent.
Investors now turn their attention to first-quarter gross domestic product figures due out tomorrow.
Li Miaoxian, an analyst at BOCOM International Securities, said in a note that if GDP figures show no sign of a "hard landing," the central bank may ease its reserve requirement for banks, freeing up more money to lend.
Banking shares were mixed. China Construction Bank shed 0.8 percent to end at 4.70 yuan (75 US cents), and the Bank of China rose 0.3 percent to close at 3.03 yuan.
The Shanghai Composite Index, which fell as much as 1.06 percent in early trading, closed 0.13 percent up at 2,308.93 points.
Chen Jianhua, an analyst at Yintai Securities, said recent economic data have caused turbulence in the market because investors are not sure how authorities will juggle the need to stimulate the economy with a desire to curtail inflation at the same time.
March economic data this week showed China's inflation rate at a slightly higher-than-expected 3.6 percent and export growth weakening to 8.9 percent.
Investors now turn their attention to first-quarter gross domestic product figures due out tomorrow.
Li Miaoxian, an analyst at BOCOM International Securities, said in a note that if GDP figures show no sign of a "hard landing," the central bank may ease its reserve requirement for banks, freeing up more money to lend.
Banking shares were mixed. China Construction Bank shed 0.8 percent to end at 4.70 yuan (75 US cents), and the Bank of China rose 0.3 percent to close at 3.03 yuan.
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