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Shanghai shares rebound on news of more monetary easing
By Ye Zhen |
June 29, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded this morning, boosted by financial stocks and speculations that the central government will further ease the monetary policy in near future.
The key Shanghai Composite Index rose 0.71 percent, or 15.68 points, to 2,211.53 points. Turnover stood at 28.3 billion yuan (US$4.5 billion) in the morning session.
"The People's Bank of China will maintain a prudent monetary stance and make small adjustments timely," the central bank's governor Zhou Xiaochuan said at a financial forum in Shanghai today.
"The central bank may cut the bank reserve requirement ratio to alleviate liquidity crunch early next month," said Chen Ying, a researcher at Sealand Securities.
Insurers led the gain of financial stocks. China Life Insurance, the country's biggest insurer, surged 3.2 percent to 18.19 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.6 percent to 45.80 yuan. China Pacific Insurance (Group) Co jumped 4.9 percent to 22.28 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.8 percent to 3.95 yuan. China Construction Bank Corporation gained 0.7 percent to 4.20 yuan.
Oil futures dropped in New York yesterday amid pessimism that the ongoing European Summit may not reach a solution to the region's debt crisis. Light oil future for August delivery fell 3.1 percent to US$77.69 a barrel, the lowest since October 4 last year.
Most oil-related shares lost in Shanghai trading. Zhejiang Haiyue Co, a distributor of refined oil products, fell 1.8 percent to 9.05 yuan. Sinopec, China's largest oil supplier, traded flat at 6.29 yuan, while PetroChina Co, the second biggest oil refiner, rose 0.6 percent to 9.03 yuan.
The key Shanghai Composite Index rose 0.71 percent, or 15.68 points, to 2,211.53 points. Turnover stood at 28.3 billion yuan (US$4.5 billion) in the morning session.
"The People's Bank of China will maintain a prudent monetary stance and make small adjustments timely," the central bank's governor Zhou Xiaochuan said at a financial forum in Shanghai today.
"The central bank may cut the bank reserve requirement ratio to alleviate liquidity crunch early next month," said Chen Ying, a researcher at Sealand Securities.
Insurers led the gain of financial stocks. China Life Insurance, the country's biggest insurer, surged 3.2 percent to 18.19 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.6 percent to 45.80 yuan. China Pacific Insurance (Group) Co jumped 4.9 percent to 22.28 yuan.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, added 0.8 percent to 3.95 yuan. China Construction Bank Corporation gained 0.7 percent to 4.20 yuan.
Oil futures dropped in New York yesterday amid pessimism that the ongoing European Summit may not reach a solution to the region's debt crisis. Light oil future for August delivery fell 3.1 percent to US$77.69 a barrel, the lowest since October 4 last year.
Most oil-related shares lost in Shanghai trading. Zhejiang Haiyue Co, a distributor of refined oil products, fell 1.8 percent to 9.05 yuan. Sinopec, China's largest oil supplier, traded flat at 6.29 yuan, while PetroChina Co, the second biggest oil refiner, rose 0.6 percent to 9.03 yuan.
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