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Shanghai shares rally on central bank liquidity boost
By Ye Zhen |
October 30, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded from a four-day decline today after the central bank injected a record amount of liquidity into the nation's money market via open market operations.
The benchmark Shanghai Composite Index inched up 0.17 percent, or 3.40 points, to close at 2,062.35 points, snapping a three-day losing streak. Turnover was 42.8 billion yuan (US$6.8 billion) at the trading close.
The People's Bank of China, the nation's central bank, today pumped 290 billion yuan into the banking system via seven-day reverse repurchase agreements and another 105 billion yuan through 28-day agreements, marking its biggest daily injection.
Todays' liquidity boost is equal to a cut in reverse repurchase ratio, a money market trader said, citing by China Securities Journal.
Property developers were bullish on improved earnings. Poly Real Estate Group increased 2.5 percent to 10.98 yuan after reporting a 95 percent annual gain in third-quarter profit. Gemdale Corporation climbed 2.2 percent to 5.11 yuan as its net earnings jumped 92 percent year on year in the first nine months.
Xinjiang Yilite Industry Co, a liquor producer, gained among distillers, leaping by the daily limit of 10 percent to 13.09 yuan after posting a 51.3 percent profit increase in the January-September period from a year earlier. Kweichow Moutai Co, a leading producer of high-end liquor in China, added 1.1 percent to 244.58 yuan. Sichuan Swellfun Co advanced 5 percent to 24.93 yuan.
The benchmark Shanghai Composite Index inched up 0.17 percent, or 3.40 points, to close at 2,062.35 points, snapping a three-day losing streak. Turnover was 42.8 billion yuan (US$6.8 billion) at the trading close.
The People's Bank of China, the nation's central bank, today pumped 290 billion yuan into the banking system via seven-day reverse repurchase agreements and another 105 billion yuan through 28-day agreements, marking its biggest daily injection.
Todays' liquidity boost is equal to a cut in reverse repurchase ratio, a money market trader said, citing by China Securities Journal.
Property developers were bullish on improved earnings. Poly Real Estate Group increased 2.5 percent to 10.98 yuan after reporting a 95 percent annual gain in third-quarter profit. Gemdale Corporation climbed 2.2 percent to 5.11 yuan as its net earnings jumped 92 percent year on year in the first nine months.
Xinjiang Yilite Industry Co, a liquor producer, gained among distillers, leaping by the daily limit of 10 percent to 13.09 yuan after posting a 51.3 percent profit increase in the January-September period from a year earlier. Kweichow Moutai Co, a leading producer of high-end liquor in China, added 1.1 percent to 244.58 yuan. Sichuan Swellfun Co advanced 5 percent to 24.93 yuan.
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