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Index rises but stays in red for third week
By Lydia Chen |
September 17, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks traded slightly higher yesterday, led by lenders, amid reports that China was studying plans to ease liquidity pressure on banks.
Confidence among investors soared after major central banks around the world vowed to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index edged up 0.1 percent to 2,482.34 points. The index lost 0.6 percent for the week, a third weekly decline.
Banks, the biggest sector in the local market, posted a cross-sector rise yesterday. The Industrial and Commercial Bank of China, the largest lender, edged up 0.5 percent to 4.10 yuan (64 US cents). China Minsheng Banking Corp rose 0.9 percent to 5.82 yuan.
The China Banking Regulatory Commission is studying plans to allow domestic banks to conduct asset securitization to help ease liquidity pressure on lenders following the repeated tightening policies against inflation, Shanghai Securities News cited Yan Qingmin, assistant chief of the commission, as saying.
Chinese banks have long been weighed down by concerns that they will be saddled with large-scale non-performing loans when some of the financing vehicles set up by local governments are unable to pay part of the country's 10.7 trillion yuan in outstanding local government debt.
On the losing side, developers were the biggest drag that trimmed the index's gains in the afternoon session after sluggish buyer sentiment over the past seven months took Shanghai's housing inventory to a record high. Poly Real Estate Group was down 1.2 percent to 10.84 yuan.
Confidence among investors soared after major central banks around the world vowed to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index edged up 0.1 percent to 2,482.34 points. The index lost 0.6 percent for the week, a third weekly decline.
Banks, the biggest sector in the local market, posted a cross-sector rise yesterday. The Industrial and Commercial Bank of China, the largest lender, edged up 0.5 percent to 4.10 yuan (64 US cents). China Minsheng Banking Corp rose 0.9 percent to 5.82 yuan.
The China Banking Regulatory Commission is studying plans to allow domestic banks to conduct asset securitization to help ease liquidity pressure on lenders following the repeated tightening policies against inflation, Shanghai Securities News cited Yan Qingmin, assistant chief of the commission, as saying.
Chinese banks have long been weighed down by concerns that they will be saddled with large-scale non-performing loans when some of the financing vehicles set up by local governments are unable to pay part of the country's 10.7 trillion yuan in outstanding local government debt.
On the losing side, developers were the biggest drag that trimmed the index's gains in the afternoon session after sluggish buyer sentiment over the past seven months took Shanghai's housing inventory to a record high. Poly Real Estate Group was down 1.2 percent to 10.84 yuan.
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