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Shanghai index hits 3-week high on cash injection and rising sentiment
By Ye Zhen |
October 9, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks hit a three-week high today, lifted by the central bank's move to ease a liquidity crunch and the optimism that China's economy is recovering.
The key Shanghai Composite Index rose 1.97 percent, or 40.81 points, to 2,115.23 points, the highest since September 14. Turnover was 67.5 billion yuan (US$10.7 billion) at the trading close.
The People's Bank of China, the central bank, today injected 265 billion yuan into the financial system via seven-day and 28-day reverse repurchase agreements.
"Market liquidity improved after the operations but remains tight," said He Yifeng, analyst at Hongyuan Securities.
A bunch of economic indicators, including PMIs for manufacturing and service sectors, rebounded in September, hinting that the nation's economy has bottomed out and will accelerate again.
"The trend of economic downturn has started to change," said Zhang Liqun, a researcher at the Development Research Centre of the State Council. "China's economy will grow slightly as it has stabilized."
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 1.3 percent to 3.80 yuan after data showed Central Huijin Investment Ltd, a state-owned investment company, increased its stake in the lender by 6.3 million shares in the third quarter.
Bank of Communications advanced 2.1 percent to 4.31 yuan. China Construction Bank increased 2 percent to 4.06 yuan.
Brokerages gained on hopes the government will unveil policies to boost the sector. CITIC Securities, the biggest listed brokerage, rose 3.2 percent to 11.86 yuan. Founder Securities Co climbed 5.2 percent to 4.47 yuan. Haitong Securities Co added 3.5 percent to 9.82 yuan.
The key Shanghai Composite Index rose 1.97 percent, or 40.81 points, to 2,115.23 points, the highest since September 14. Turnover was 67.5 billion yuan (US$10.7 billion) at the trading close.
The People's Bank of China, the central bank, today injected 265 billion yuan into the financial system via seven-day and 28-day reverse repurchase agreements.
"Market liquidity improved after the operations but remains tight," said He Yifeng, analyst at Hongyuan Securities.
A bunch of economic indicators, including PMIs for manufacturing and service sectors, rebounded in September, hinting that the nation's economy has bottomed out and will accelerate again.
"The trend of economic downturn has started to change," said Zhang Liqun, a researcher at the Development Research Centre of the State Council. "China's economy will grow slightly as it has stabilized."
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 1.3 percent to 3.80 yuan after data showed Central Huijin Investment Ltd, a state-owned investment company, increased its stake in the lender by 6.3 million shares in the third quarter.
Bank of Communications advanced 2.1 percent to 4.31 yuan. China Construction Bank increased 2 percent to 4.06 yuan.
Brokerages gained on hopes the government will unveil policies to boost the sector. CITIC Securities, the biggest listed brokerage, rose 3.2 percent to 11.86 yuan. Founder Securities Co climbed 5.2 percent to 4.47 yuan. Haitong Securities Co added 3.5 percent to 9.82 yuan.
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