Related News
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
