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Shanghai index nudges up on banks
By Lydia Chen |
March 21, 2011, Monday
|
Online Edition
Online Edition
SHARES in Shanghai traded slightly higher today on strength of rising banks while energy shares rallied over advancing oil prices amid intensifying air strike in Libya.
The Shanghai Composite Index closed 0.08 percent higher. Turnover shrank to 122.41 billion yuan (US$18.63 billion) from Friday's 127 billion yuan.
Banks were the strongest players today, shaking off the influence of China's latest hike of the reserve requirement that is designed to mop up excessive liquidity in the market.
Industrial & Commercial Bank of China, the country's biggest lender, rose 1.88 percent to 4.34 yuan.
China announced a 50 basis point reserve requirement rise that will freeze up an estimated 360 billion yuan on Friday, which analysts said could do little to affect the market now.
"The worst fears for more tightening are gone and the move has been largely expected by investors," Huang Dongsheng, an analyst with GuoDu Securities Co. "That's why the reaction is not strong."
The Shanghai Composite Index closed 0.08 percent higher. Turnover shrank to 122.41 billion yuan (US$18.63 billion) from Friday's 127 billion yuan.
Banks were the strongest players today, shaking off the influence of China's latest hike of the reserve requirement that is designed to mop up excessive liquidity in the market.
Industrial & Commercial Bank of China, the country's biggest lender, rose 1.88 percent to 4.34 yuan.
China announced a 50 basis point reserve requirement rise that will freeze up an estimated 360 billion yuan on Friday, which analysts said could do little to affect the market now.
"The worst fears for more tightening are gone and the move has been largely expected by investors," Huang Dongsheng, an analyst with GuoDu Securities Co. "That's why the reaction is not strong."
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