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Market closes 1.19% up on speculation of more liquidity
By Lu Nengneng |
December 30, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped today, capping a 21.68 percent plunge throughout the year, as worries over China's economic outlook were eased by an anticipated liquidity injection.
The Shanghai Composite Index rose 1.19 percent to 2,199.42 points on the last trading day this year, the biggest gains in two weeks. Turnover stood at 42.7 billion yuan (US$7.5 billion).
Jittery investors staged a sell-off this year as the worsening European debt crisis dimmed the prospect of global economic recovery. A cooling Chinese economy with lackluster figures of investment and exports, and weak domestic consumption due to liquidity crunch, also added to the selling mood.
The investor sentiment improved recently on speculation that the bank reserve requirement ratio will be cut again to spur economic growth. The suspension of the central bank's issue of three-month bills yesterday, the first in six months, added to the speculation.
Financials looking forward to liquidity easing advanced. China Everbright Bank was up 2.13 percent to 2.88 yuan. China Merchants Bank increased 1.8 percent to 11.87 yuan.
Real estate developers rose as the expected reserve ratio cut will ease their cash shortage though local governments pledged to extend home-purchase restrictions to squeeze property bubble.
China Vanke, the country's biggest developer, gained 1.91 percent to 7.47 yuan. Poly Real Estate hiked 2.67 percent to 10 yuan. Gemdale Group grew 3.13 percent to 4.95 yuan.
The Shanghai Composite Index rose 1.19 percent to 2,199.42 points on the last trading day this year, the biggest gains in two weeks. Turnover stood at 42.7 billion yuan (US$7.5 billion).
Jittery investors staged a sell-off this year as the worsening European debt crisis dimmed the prospect of global economic recovery. A cooling Chinese economy with lackluster figures of investment and exports, and weak domestic consumption due to liquidity crunch, also added to the selling mood.
The investor sentiment improved recently on speculation that the bank reserve requirement ratio will be cut again to spur economic growth. The suspension of the central bank's issue of three-month bills yesterday, the first in six months, added to the speculation.
Financials looking forward to liquidity easing advanced. China Everbright Bank was up 2.13 percent to 2.88 yuan. China Merchants Bank increased 1.8 percent to 11.87 yuan.
Real estate developers rose as the expected reserve ratio cut will ease their cash shortage though local governments pledged to extend home-purchase restrictions to squeeze property bubble.
China Vanke, the country's biggest developer, gained 1.91 percent to 7.47 yuan. Poly Real Estate hiked 2.67 percent to 10 yuan. Gemdale Group grew 3.13 percent to 4.95 yuan.
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