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Lenders, energy stocks lead market up
By Lydia Chen |
September 16, 2011, Friday
|
Online Edition
Online Edition
LENDERS and energy issues led the Shanghai stock market higher today after China's August foreign direct investment showed businesses were still turning to the country.
The report also said China was studying plans to ease liquidity pressure on banks.
Confidence among investors also enhanced after major central banks around the world pledged to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets from freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index edged up 0.13 percent to 2,482.34. Turnover was 49.6 billion yuan (US$7.76 billion), compared with 55.8 billion yuan a day earlier. The index lost 0.62 percent this week.
Banks, the biggest sector in the local market, posted a cross-sector rise today.
The Industrial & Commercial Bank of China, the nation's largest lender, edged up 0.49 percent to 4.10 yuan. Minsheng Bank Co climbed 0.87 percent to 5.82 yuan.
The China Banking Regulatory Commission is studying plans to allow domestic lenders to conduct asset securitization to help ease liquidity pressure on lenders following the country's repeated tightening policies against inflation, Shanghai Securities News cited Yan Qingmin, assistant chairman of the commission as saying.
Chinese banks have long been dragged down by concerns over their ability to deal with large-scale non-performing loans, especially as some financing vehicles set up by local governments may be unable to repay part of the country's 10.7 trillion yuan in outstanding local government debt.
China Shenhua Energy was among the rising coal producers today with a rise of 1.3 percent to 25.73 yuan.
UBS Securities said in a note that it might be hard to harvest profits from coal plays as demand and supply in the industry was now almost balanced.
On the losing side, developers were the biggest drag factor that trimmed the index's morning trading gains in the afternoon session after sluggish sentiment among buyers over the past seven months has taken Shanghai's housing inventory to a record high.
Poly Real Estate Group was down 1.19 percent to 10.84 yuan.
Meanwhile, shares in the mainland and Hong Kong are expected to rally 15 percent over the next 12 months as equity prices track profit growth, Patrick Ho, the head of Greater China equities at BNP Paribas Investment Partners, told Bloomberg News in an interview.
The Shanghai benchmark index has tumbled more than 12 percent so far this year.
The report also said China was studying plans to ease liquidity pressure on banks.
Confidence among investors also enhanced after major central banks around the world pledged to cooperate to offer three-month US dollar loans to commercial banks to prevent money markets from freezing up because of Europe's sovereign debt crisis.
The Shanghai Composite Index edged up 0.13 percent to 2,482.34. Turnover was 49.6 billion yuan (US$7.76 billion), compared with 55.8 billion yuan a day earlier. The index lost 0.62 percent this week.
Banks, the biggest sector in the local market, posted a cross-sector rise today.
The Industrial & Commercial Bank of China, the nation's largest lender, edged up 0.49 percent to 4.10 yuan. Minsheng Bank Co climbed 0.87 percent to 5.82 yuan.
The China Banking Regulatory Commission is studying plans to allow domestic lenders to conduct asset securitization to help ease liquidity pressure on lenders following the country's repeated tightening policies against inflation, Shanghai Securities News cited Yan Qingmin, assistant chairman of the commission as saying.
Chinese banks have long been dragged down by concerns over their ability to deal with large-scale non-performing loans, especially as some financing vehicles set up by local governments may be unable to repay part of the country's 10.7 trillion yuan in outstanding local government debt.
China Shenhua Energy was among the rising coal producers today with a rise of 1.3 percent to 25.73 yuan.
UBS Securities said in a note that it might be hard to harvest profits from coal plays as demand and supply in the industry was now almost balanced.
On the losing side, developers were the biggest drag factor that trimmed the index's morning trading gains in the afternoon session after sluggish sentiment among buyers over the past seven months has taken Shanghai's housing inventory to a record high.
Poly Real Estate Group was down 1.19 percent to 10.84 yuan.
Meanwhile, shares in the mainland and Hong Kong are expected to rally 15 percent over the next 12 months as equity prices track profit growth, Patrick Ho, the head of Greater China equities at BNP Paribas Investment Partners, told Bloomberg News in an interview.
The Shanghai benchmark index has tumbled more than 12 percent so far this year.
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