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Index up on liquidity outlook
By Hu Xiaocen |
February 24, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged up yesterday as investors were optimistic that the liquidity crunch will be eased, and on speculation that more local governments are relaxing property curbs.
The Shanghai Composite Index gained 0.25 percent to 2,409.55, extending its gain for a fifth straight day.
Pan Mingli, analyst at Orient Securities, said the turnover in the last two days stood above 100 billion yuan (US$16 billion) each and this was a good sign as more funds flowed in.
Cheng Yimin, a strategy analyst at China Post Securities, agreed. He recommended the holding of shares of banks and insurers.
The liquidity situation may improve today as a 0.5 percent cut in the bank reserve requirement ratio becomes effective and this will pump 400 billion yuan into the system, said Liu Bin, a visiting professor of the Institute of International Economics at Nankai University.
The Bank of China lost 0.33 percent to 3.05 yuan, and the Agricultural Bank of China shed 0.37 percent to 2.71 yuan. China Citic Bank gained 0.45 to 4.45 yuan.
Poly Real Estate, China's second-biggest listed developer, edged up 0.18 percent to 11.30 yuan.
The Shanghai Composite Index gained 0.25 percent to 2,409.55, extending its gain for a fifth straight day.
Pan Mingli, analyst at Orient Securities, said the turnover in the last two days stood above 100 billion yuan (US$16 billion) each and this was a good sign as more funds flowed in.
Cheng Yimin, a strategy analyst at China Post Securities, agreed. He recommended the holding of shares of banks and insurers.
The liquidity situation may improve today as a 0.5 percent cut in the bank reserve requirement ratio becomes effective and this will pump 400 billion yuan into the system, said Liu Bin, a visiting professor of the Institute of International Economics at Nankai University.
The Bank of China lost 0.33 percent to 3.05 yuan, and the Agricultural Bank of China shed 0.37 percent to 2.71 yuan. China Citic Bank gained 0.45 to 4.45 yuan.
Poly Real Estate, China's second-biggest listed developer, edged up 0.18 percent to 11.30 yuan.
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