Key index gains as liquidity woes ease
By Feng Jianmin |
January 19, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up as concerns for liquidity eased, and investors gave bank and consumer goods shares a boost.
The Shanghai Composite Index added 0.09 percent to end at 2,708.98 points. Turnover dropped to 68.8 billion yuan (US$10.4 billion) from Monday's 104.8 billion yuan.
The low turnover pointed to weak market sentiment which, in turn, affected the debut of five new shares, said Xu Yinbin, an analyst with Nanjing Securities Co.
The People's Bank of China halted regular bill sales in open-market operations after announcing the fourth rise in tow months in lenders' reserve requirement last Friday. Some analysts view the suspension as helping ensure market liquidity before the Spring Festival. Others suggest the PBOC may be looking to hike interest rates again.
Consumer goods producers led gainers on speculation of better earnings as consumption is likely to boom during the Spring Festival holiday. Kweichow Moutai Co, a prime liquor maker, climbed 4 percent to 182.56 yuan.
Banks gained on positive earnings reports. China Everbright Bank added 0.3 percent to 3.79 yuan after saying 2010 profit rose 66 percent from a year earlier. Industrial Bank rose 1.9 percent to 25.56 yuan after it said 2010 profit was 40 percent higher. China Construction Bank grew 0.9 percent to 4.75 yuan.
Five shares which debuted yesterday fell below their initial public offering prices. Shanghai-listed Changshu Fengfan Power Equipment Co tumbled 14.4 percent to 29.96 yuan. Four Shenzhen-listed firms declined between 6.6-13.8 percent.
The Shanghai Composite Index added 0.09 percent to end at 2,708.98 points. Turnover dropped to 68.8 billion yuan (US$10.4 billion) from Monday's 104.8 billion yuan.
The low turnover pointed to weak market sentiment which, in turn, affected the debut of five new shares, said Xu Yinbin, an analyst with Nanjing Securities Co.
The People's Bank of China halted regular bill sales in open-market operations after announcing the fourth rise in tow months in lenders' reserve requirement last Friday. Some analysts view the suspension as helping ensure market liquidity before the Spring Festival. Others suggest the PBOC may be looking to hike interest rates again.
Consumer goods producers led gainers on speculation of better earnings as consumption is likely to boom during the Spring Festival holiday. Kweichow Moutai Co, a prime liquor maker, climbed 4 percent to 182.56 yuan.
Banks gained on positive earnings reports. China Everbright Bank added 0.3 percent to 3.79 yuan after saying 2010 profit rose 66 percent from a year earlier. Industrial Bank rose 1.9 percent to 25.56 yuan after it said 2010 profit was 40 percent higher. China Construction Bank grew 0.9 percent to 4.75 yuan.
Five shares which debuted yesterday fell below their initial public offering prices. Shanghai-listed Changshu Fengfan Power Equipment Co tumbled 14.4 percent to 29.96 yuan. Four Shenzhen-listed firms declined between 6.6-13.8 percent.
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