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Renewed optimism drives stocks up 0.33%
By Lu Nengneng |
December 29, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped in the morning session on renewed optimism over next year's economic situation and possible liquidity injection around the corner.
The benchmark Shanghai Composite Index extended yesterday's gains, rising 0.33 percent to 2,177.23 points above the 5-day moving average. Turnover was 18.6 billion yuan (US$2.9 billion).
The market's key gauge has tumbled around 22 percent this year amid concerns over China's looming economic downturn in view of weakening exports and shrinking investment. The investor sentiment improved recently on hope that next year's structural tax reduction will propel domestic demand and create new growth points.
Resource producers advanced as expanding domestic consumption will digest their oversupply caused by diminishing global demand. Jiangxi Copper Co was up 0.84 percent to 21.6 yuan. Wuhan Iron & Steel Co gained 0.35 percent to 2.9 yuan.
Banks were mixed on speculation that the central bank will cut their reserve requirement ratio early next year to ease the current liquidity crunch, as China Securities Journal predicted today.
China Construction Bank was up 0.89 percent to 4.56 yuan. Industrial and Commercial Bank of China increased 0.48 percent to 4.21 yuan. Bank of Communications lost 0.44 percent to 4.48 yuan.
The benchmark Shanghai Composite Index extended yesterday's gains, rising 0.33 percent to 2,177.23 points above the 5-day moving average. Turnover was 18.6 billion yuan (US$2.9 billion).
The market's key gauge has tumbled around 22 percent this year amid concerns over China's looming economic downturn in view of weakening exports and shrinking investment. The investor sentiment improved recently on hope that next year's structural tax reduction will propel domestic demand and create new growth points.
Resource producers advanced as expanding domestic consumption will digest their oversupply caused by diminishing global demand. Jiangxi Copper Co was up 0.84 percent to 21.6 yuan. Wuhan Iron & Steel Co gained 0.35 percent to 2.9 yuan.
Banks were mixed on speculation that the central bank will cut their reserve requirement ratio early next year to ease the current liquidity crunch, as China Securities Journal predicted today.
China Construction Bank was up 0.89 percent to 4.56 yuan. Industrial and Commercial Bank of China increased 0.48 percent to 4.21 yuan. Bank of Communications lost 0.44 percent to 4.48 yuan.
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