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Shanghai index up 0.54% on liquidity infusion
By Ye Zhen |
August 21, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained the most in more than a week after the central bank released a record amount of liquidity into the market to ease a credit crunch.
The key Shanghai Composite Index rose 0.54 percent, or 11.31 points, to settle at 2,118.27 points. Turnover was 51.5 billion yuan (US$8 billion) at the trading close.
The People's Bank of China, the central bank, today injected 70 billion yuan via 14-day reverse repurchase agreements and a further 150 billion yuan via 7-day agreements. That's the biggest injection in one day since late June when the current round of reverser repurchase operations started.
Huatai Securities expects market liquidity to improve after margin trading and short selling businesses are opened to domestic brokerages.
China Securities Finance Corp said 7.5 billion yuan in registered capital was available for brokerages to conduct margin trading and short selling. It will further enlarge the money pool to 12 billion yuan, enabling it lend up to 120 billion yuan to brokerages.
China Securities Finance Corp is an intermediary that borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
CITIC Securities, the biggest listed brokerage, added 0.2 percent to 10.77 yuan. Industrial Securities Co rose 2.7 percent to 9.36 yuan. Southwest Securities Co climbed 1.9 percent to 8.64 yuan. Soochow Securities Co gained 1.1 percent to 7.61 yuan.
Chongqing Gangjiu Co, a transportation service provider, gained among Chongqing-related stocks, jumping by the day limit of 10 percent to close at 7.26 yuan, after the Chongqing government said it will invest 1.5 trillion yuan in the five years through 2015 to boost development in seven industries and expand total industrial output to over 3 trillion yuan. Chongqing Road & Bridge Co surged 6.1 percent to 4.53 yuan.
The key Shanghai Composite Index rose 0.54 percent, or 11.31 points, to settle at 2,118.27 points. Turnover was 51.5 billion yuan (US$8 billion) at the trading close.
The People's Bank of China, the central bank, today injected 70 billion yuan via 14-day reverse repurchase agreements and a further 150 billion yuan via 7-day agreements. That's the biggest injection in one day since late June when the current round of reverser repurchase operations started.
Huatai Securities expects market liquidity to improve after margin trading and short selling businesses are opened to domestic brokerages.
China Securities Finance Corp said 7.5 billion yuan in registered capital was available for brokerages to conduct margin trading and short selling. It will further enlarge the money pool to 12 billion yuan, enabling it lend up to 120 billion yuan to brokerages.
China Securities Finance Corp is an intermediary that borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
CITIC Securities, the biggest listed brokerage, added 0.2 percent to 10.77 yuan. Industrial Securities Co rose 2.7 percent to 9.36 yuan. Southwest Securities Co climbed 1.9 percent to 8.64 yuan. Soochow Securities Co gained 1.1 percent to 7.61 yuan.
Chongqing Gangjiu Co, a transportation service provider, gained among Chongqing-related stocks, jumping by the day limit of 10 percent to close at 7.26 yuan, after the Chongqing government said it will invest 1.5 trillion yuan in the five years through 2015 to boost development in seven industries and expand total industrial output to over 3 trillion yuan. Chongqing Road & Bridge Co surged 6.1 percent to 4.53 yuan.
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