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Shanghai index up as central bank adds liquidity
By Feng Jianmin |
August 4, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose today as China's central bank is adding cash to the economy this week.
The benchmark Shanghai Composite Index edged up 0.21 percent to 2,684.04 points. Turnover fell to 69.7 billion yuan (US$10.8 billion) from yesterday's 74 billion yuan.
China's central bank issued 1 billion yuan in three-month notes today, after selling 1 billion yuan in one-year notes on Tuesday. A total of 46 billion yuan's notes are maturing this week. It means the People's Bank of China would pump a net 44 billion yuan into the economy this week, the most since the week ending July 1.
The benchmark money rate fell for the fourth consecutive day to 3.2666 percent today, 83.26 basic points lower from yesterday.
Cement producers led the gainers after data showed that companies in the sector made a combined profit of 35.2 billion yuan in the first five months, 170 percent higher from last year, according to Ministry of Industry and Information Technology. Anhui Conch Cement Co jumped 2.6 percent to 26.20 yuan.
Banks were mixed. Industrial and Commercial Bank of China, the world's biggest bank in terms of market value, dipped 0.5 percent to 4.16 yuan. Bank of China, the country's flagship foreign-currency bank, rose 0.3 percent to 3.03 yuan.
The benchmark Shanghai Composite Index edged up 0.21 percent to 2,684.04 points. Turnover fell to 69.7 billion yuan (US$10.8 billion) from yesterday's 74 billion yuan.
China's central bank issued 1 billion yuan in three-month notes today, after selling 1 billion yuan in one-year notes on Tuesday. A total of 46 billion yuan's notes are maturing this week. It means the People's Bank of China would pump a net 44 billion yuan into the economy this week, the most since the week ending July 1.
The benchmark money rate fell for the fourth consecutive day to 3.2666 percent today, 83.26 basic points lower from yesterday.
Cement producers led the gainers after data showed that companies in the sector made a combined profit of 35.2 billion yuan in the first five months, 170 percent higher from last year, according to Ministry of Industry and Information Technology. Anhui Conch Cement Co jumped 2.6 percent to 26.20 yuan.
Banks were mixed. Industrial and Commercial Bank of China, the world's biggest bank in terms of market value, dipped 0.5 percent to 4.16 yuan. Bank of China, the country's flagship foreign-currency bank, rose 0.3 percent to 3.03 yuan.
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