Related News
Shanghai Composite up 0.23% in morning trading
By Hu Xiaocen |
March 19, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks snapped a two-week losing streak as investors are boosted by the prospect of monetary easing and rising home prices, even though overseas markets slumped over Cyprus's bailout crisis.
The Shanghai Composite Index gained 0.23 percent to 2,245 points by the noon break, led by financials, building materials makers and property developers. The turnover stood at 40.8 billion yuan (US$6.5 billion).
The government may ease monetary policy to boost market liquidity, said the Bank of East Asia in a research note today.
"China's foreign exchange reserves grew by a record 683.7 billion yuan in January. If the forex reserves continue to rise, the Chinese central bank may be forced to inject more Chinese yuan into the market to hedge currency risks," the Hong Kong-based lender said.
Lenders gained an average of 0.6 percent in morning trading. Shanghai Pudong Development Bank added 0.3 percent to 10.51 yuan. Bank of Communications and China Merchants Bank both advanced 0.4 percent to 4.68 yuan and 12.53 yuan respectively.
Property developers and building materials makers rallied after the National Bureau of Statistics said yesterday that home prices rose at a fast pace last month.
China Vanke Co, the nation's biggest developer, climbed 1.3 percent to 10.83 yuan. Poly Real Estate Group, the second-biggest, rose 1.7 percent to 10.94 yuan. Anhui Conch Cement Co, China's biggest producer of the material, increased 2.5 percent to 16.72 yuan.
The Shanghai Composite Index gained 0.23 percent to 2,245 points by the noon break, led by financials, building materials makers and property developers. The turnover stood at 40.8 billion yuan (US$6.5 billion).
The government may ease monetary policy to boost market liquidity, said the Bank of East Asia in a research note today.
"China's foreign exchange reserves grew by a record 683.7 billion yuan in January. If the forex reserves continue to rise, the Chinese central bank may be forced to inject more Chinese yuan into the market to hedge currency risks," the Hong Kong-based lender said.
Lenders gained an average of 0.6 percent in morning trading. Shanghai Pudong Development Bank added 0.3 percent to 10.51 yuan. Bank of Communications and China Merchants Bank both advanced 0.4 percent to 4.68 yuan and 12.53 yuan respectively.
Property developers and building materials makers rallied after the National Bureau of Statistics said yesterday that home prices rose at a fast pace last month.
China Vanke Co, the nation's biggest developer, climbed 1.3 percent to 10.83 yuan. Poly Real Estate Group, the second-biggest, rose 1.7 percent to 10.94 yuan. Anhui Conch Cement Co, China's biggest producer of the material, increased 2.5 percent to 16.72 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
