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Market posts biggest gain in 2 months
By Feng Jianmin |
December 13, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index jumped by the most in nearly two months after China yesterday vowed to keep economic growth on track next year and after China's central bank restrained an increase of interest rate last Friday night. Resource producers led the gainers.
The benchmark Shanghai Composite Index rose 2.9 percent, or 81.91 points, to 2,923.95. Turnover jumped to 160 billion yuan (US$24 billion) from last Friday's 98.2 billion yuan.
Shenzhen Composite Index, which tracks the smaller market in southern China, was up 3 percent to 1,338.43.
A statement issued after Chinese government's annual economic planning meeting yesterday said the government would keep its policy flexible, proactive and prudent while trying to maintain a balance between fast growth and stability.
Worries about an increase of interest rate was partly relieved after China's central bank ordered commercial banks to put aside more money from landing last Friday, a third in five weeks. The reserve requirement rate will be raised by 0.5 percentage point after December 20.
Some analysts said that China is not likely to raise interest rates in a short-term after the government vowed to keep its economic growth on track. Need for interest rate hike also eased as inflation pressure is likely to ease in December after government's measures to rein consumer prices.
Banks were modestly up against tightening outlook of lending.
China's central bank said yesterday that China's new yuan-dominated loans hit 564 billion yuan in November, leaving this year's total lending figure just 50 billion yuan short of the government's target maximum of 7.5 trillion yuan.
Media reported that the central bank may extend selective hike in reserve requirement ratio of 0.5 percentage point for six major commercial banks in China. The ratio will thus hit a record high of 19 percent for China's biggest banks.
Industrial and Commercial Bank of China added 1.18 percent to 4.28 yuan. China Construction Bank was up 0.8 percent at 4.78 yuan. Communications Bank of China rose 2.2 percent to 5.70 yuan.
Resource producers gained after commodity prices rose on expectation that demand will boost on China's positive economic outlook. Copper for March delivery hit a record US$9,138 a ton on London market. Oil prices stood at US$88 a barrel in New York. Jiangxi Copper Co, China's largest copper producer, climbed by the daily limit of 10 percent to 41.42 yuan. Aluminum Corp of China gained 3.2 percent to 10.53 yuan. PetroChina, the largest heavy weight, jumped 4.4 percent to 11.95 yuan. Datong Coal Industry Co rallied 5.2 percent to 21.86 yuan.
The benchmark Shanghai Composite Index rose 2.9 percent, or 81.91 points, to 2,923.95. Turnover jumped to 160 billion yuan (US$24 billion) from last Friday's 98.2 billion yuan.
Shenzhen Composite Index, which tracks the smaller market in southern China, was up 3 percent to 1,338.43.
A statement issued after Chinese government's annual economic planning meeting yesterday said the government would keep its policy flexible, proactive and prudent while trying to maintain a balance between fast growth and stability.
Worries about an increase of interest rate was partly relieved after China's central bank ordered commercial banks to put aside more money from landing last Friday, a third in five weeks. The reserve requirement rate will be raised by 0.5 percentage point after December 20.
Some analysts said that China is not likely to raise interest rates in a short-term after the government vowed to keep its economic growth on track. Need for interest rate hike also eased as inflation pressure is likely to ease in December after government's measures to rein consumer prices.
Banks were modestly up against tightening outlook of lending.
China's central bank said yesterday that China's new yuan-dominated loans hit 564 billion yuan in November, leaving this year's total lending figure just 50 billion yuan short of the government's target maximum of 7.5 trillion yuan.
Media reported that the central bank may extend selective hike in reserve requirement ratio of 0.5 percentage point for six major commercial banks in China. The ratio will thus hit a record high of 19 percent for China's biggest banks.
Industrial and Commercial Bank of China added 1.18 percent to 4.28 yuan. China Construction Bank was up 0.8 percent at 4.78 yuan. Communications Bank of China rose 2.2 percent to 5.70 yuan.
Resource producers gained after commodity prices rose on expectation that demand will boost on China's positive economic outlook. Copper for March delivery hit a record US$9,138 a ton on London market. Oil prices stood at US$88 a barrel in New York. Jiangxi Copper Co, China's largest copper producer, climbed by the daily limit of 10 percent to 41.42 yuan. Aluminum Corp of China gained 3.2 percent to 10.53 yuan. PetroChina, the largest heavy weight, jumped 4.4 percent to 11.95 yuan. Datong Coal Industry Co rallied 5.2 percent to 21.86 yuan.
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