Key index rises to 5-month high close
By Feng Jianmin |
April 14, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index jumped to a five-month high yesterday on speculation that inflows of foreign capital into the market will offset the withdrawal of money by the central government through open market operations.
The Shanghai Composite Index gained 0.96 percent, or 29.03 points, to close at 3,050.40. Turnover fell to 147 billion yuan (US$22 billion) from Monday's 165 billion yuan.
China has seen an "extraordinary" inflow of foreign capital recently, Li Yong, vice finance minister, said in a report on the ministry's website.
Shi Lei, a senior strategist with Ping'an Securities, also said that there "are signs of increasing inflows of foreign capital to the stock market."
The People's Bank of China withdrew 205 billion yuan from financial institutions on Tuesday as it wanted to offset the impact of central bank bills totaling 911 billion yuan maturing this month, the highest monthly volume of the year so far, market watchers said.
Banks and property developers rebounded from losses after the noon break despite the central government's reiteration of its determination to control home prices. Investigation teams are being sent to inspect measures taken by local governments to curb speculation. The teams are likely to complete their inspections next week.
In a note to its clients Shanxi Securities suggested investors select finance and property sectors due to their low valuations.
The Agriculture Bank of China climbed 2.1 percent to finish at 2.90 yuan.
The Shanghai Composite Index gained 0.96 percent, or 29.03 points, to close at 3,050.40. Turnover fell to 147 billion yuan (US$22 billion) from Monday's 165 billion yuan.
China has seen an "extraordinary" inflow of foreign capital recently, Li Yong, vice finance minister, said in a report on the ministry's website.
Shi Lei, a senior strategist with Ping'an Securities, also said that there "are signs of increasing inflows of foreign capital to the stock market."
The People's Bank of China withdrew 205 billion yuan from financial institutions on Tuesday as it wanted to offset the impact of central bank bills totaling 911 billion yuan maturing this month, the highest monthly volume of the year so far, market watchers said.
Banks and property developers rebounded from losses after the noon break despite the central government's reiteration of its determination to control home prices. Investigation teams are being sent to inspect measures taken by local governments to curb speculation. The teams are likely to complete their inspections next week.
In a note to its clients Shanxi Securities suggested investors select finance and property sectors due to their low valuations.
The Agriculture Bank of China climbed 2.1 percent to finish at 2.90 yuan.
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