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Market rises more than 1% despite reserve hike
By Lydia Chen |
February 21, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market bounced back to the technical support of 2,900 point, defying the impact of a latest rise in bank reserve requirement ratios that designed to drain excessive liquidity.
The Shanghai Composite Index climbed 1.12 percent to 2,932.25. Turnover edged up to 146.23 billion yuan (US$22.23 billion) from Friday's 142 billion yuan.
Analysts said the raise, which lifted the ratio to a record of 19.5 percent, would make no substantial changes to the market now as the move was long expected by investors while Friday's fall had already priced the negative effects.
Today's jump was also a result from a rally among oil-related stocks which would be glad to see their margins improved after China raised fuel price yesterday to cushion refiners from increasing crude prices.
China Petroleum & Chemical Corp rose 1.42 percent while PetroChina added 1.12 percent
Banks were the only sector that suffered losses today due to the reserve ratio increase.
Industrial and Commercial Bank of China Ltd, China's biggest bank by market value, was down 0.69 percent to 4.30 yuan.
Zhong Hua, an analyst with Guotai Jun'an Securities, considered the market may continue to rise on the back of wide euphoria among investors amid an ongoing earning reports season.
The Shanghai Composite Index climbed 1.12 percent to 2,932.25. Turnover edged up to 146.23 billion yuan (US$22.23 billion) from Friday's 142 billion yuan.
Analysts said the raise, which lifted the ratio to a record of 19.5 percent, would make no substantial changes to the market now as the move was long expected by investors while Friday's fall had already priced the negative effects.
Today's jump was also a result from a rally among oil-related stocks which would be glad to see their margins improved after China raised fuel price yesterday to cushion refiners from increasing crude prices.
China Petroleum & Chemical Corp rose 1.42 percent while PetroChina added 1.12 percent
Banks were the only sector that suffered losses today due to the reserve ratio increase.
Industrial and Commercial Bank of China Ltd, China's biggest bank by market value, was down 0.69 percent to 4.30 yuan.
Zhong Hua, an analyst with Guotai Jun'an Securities, considered the market may continue to rise on the back of wide euphoria among investors amid an ongoing earning reports season.
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