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Shanghai index rises most in 3 weeks on stronger blue chips
By Feng Jianmin |
March 4, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in three weeks led by blue chips on abundant liquidity.
The benchmark Shanghai Composite Index added 1.35 percent to 2,942.31. Turnover dropped to 146.1 billion yuan (US$ 22.2 billion) from yesterday's 178 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, was up 1.54 percent to 12,893.84.
The seven-day repurchase rate, a gauge measuring the cost of borrowing among banks, dropped 23 basis points to 2.22 percent in Shanghai, the lowest level since December 7.
"The central bank is very likely to raise reserve requirement ratio under abundant liquidity," said Kou Wenhong, an analyst with China Nature Asset Management Co. "It is a regular measure to withdraw liquidity and will not impact the market significantly."
Banks rebounded after the noon break. Bank of China edged up 0.6 percent to 3.32 yuan. Industrial and Commercial Bank of China rose 1.2 percent to 4.35 yuan.
Steel makers led the gainers after media reported that the country will support development of high-power rail car wheels, which now rely heavily on imports.
Maanshan Iron & Steel, which produced the first batch of such wheels, jumped 7.7 percent to 3.92 yuan. Wuhan Iron & Steel Co rose 2.4 percent to 4.67 yuan.
Property developers gained. China Vanke went up 1.8 percent to 8.24 yuan after reporting that its sales was 6.1 billion yuan in February, 142 percent higher than the previous year, but was 70 percent lower than January. Poly Real Estate Co added 2.4 percent to 13.09 yuan.
The benchmark Shanghai Composite Index added 1.35 percent to 2,942.31. Turnover dropped to 146.1 billion yuan (US$ 22.2 billion) from yesterday's 178 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, was up 1.54 percent to 12,893.84.
The seven-day repurchase rate, a gauge measuring the cost of borrowing among banks, dropped 23 basis points to 2.22 percent in Shanghai, the lowest level since December 7.
"The central bank is very likely to raise reserve requirement ratio under abundant liquidity," said Kou Wenhong, an analyst with China Nature Asset Management Co. "It is a regular measure to withdraw liquidity and will not impact the market significantly."
Banks rebounded after the noon break. Bank of China edged up 0.6 percent to 3.32 yuan. Industrial and Commercial Bank of China rose 1.2 percent to 4.35 yuan.
Steel makers led the gainers after media reported that the country will support development of high-power rail car wheels, which now rely heavily on imports.
Maanshan Iron & Steel, which produced the first batch of such wheels, jumped 7.7 percent to 3.92 yuan. Wuhan Iron & Steel Co rose 2.4 percent to 4.67 yuan.
Property developers gained. China Vanke went up 1.8 percent to 8.24 yuan after reporting that its sales was 6.1 billion yuan in February, 142 percent higher than the previous year, but was 70 percent lower than January. Poly Real Estate Co added 2.4 percent to 13.09 yuan.
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