Key index ends 2 days of losses
By Lu Hu |
January 7, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly higher yesterday, easing two straight days of losses this week, as investors were comforted by state-supported buying and the possible return of foreign capital to the market.
The Shanghai Composite index edged up 0.7 percent to 2,163.39 helped by a rally in the afternoon which erased the 0.32 percent loss at the noon break. The holiday-shortened week saw the gauge fall 1.64 percent from last year's close.
The Industr ial and Commercial Bank of China, the nation's largest lender, disclosed yesterday that the state-run Central Huijin Investment Company had purchased another 38.5 million of its shares to boost its holding to 35.4 percent after October. The investment firm bought into the four biggest state-owned commercial banks to support the market.
Banks advanced on hopes another reserve requirement ratio cut to inject liquidity is in the pipeline, boosting investor confidence. ICBC added 0.71 percent to 4.28 yuan (68 US cents). China Construction Bank jumped the most among lenders, by 1.53 percent to 4.65 yuan.
The Shanghai Composite index edged up 0.7 percent to 2,163.39 helped by a rally in the afternoon which erased the 0.32 percent loss at the noon break. The holiday-shortened week saw the gauge fall 1.64 percent from last year's close.
The Industr ial and Commercial Bank of China, the nation's largest lender, disclosed yesterday that the state-run Central Huijin Investment Company had purchased another 38.5 million of its shares to boost its holding to 35.4 percent after October. The investment firm bought into the four biggest state-owned commercial banks to support the market.
Banks advanced on hopes another reserve requirement ratio cut to inject liquidity is in the pipeline, boosting investor confidence. ICBC added 0.71 percent to 4.28 yuan (68 US cents). China Construction Bank jumped the most among lenders, by 1.53 percent to 4.65 yuan.
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