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Shanghai shares up on improved liquidity
By Hu Xiaocen |
January 20, 2012, Friday
|
Online Edition
Online Edition
THE Shanghai Composite Index edged up in the morning session as a credit crunch eased in January, and more cash was injected to the capital market by the government.
The key index advanced 0.37 percent, or 8.51 points, to 2,304.59, by the noon break with a turnover of 29.3 billion yuan (US$4.6 billion).
"The rebound of the index this week is mainly because of improved liquidity in January, and was catalyzed by the speculation of big-amount pension funds to invest in the stock market," said Pingan Securities in a report. "In the first quarter the market will rise moderately to recover from previous loss."
The nation's biggest four banks lent out new loans amounting to 110 billion yuan in January so far, according to industry insiders, the total amount of new loans in January is expected to reach one trillion yuan, the China Securities Journal reported.
The central bank reported total new loans in last December had reached 640.5 billion yuan, the highest level since April.
"Soaring new loans in January is normal in the banking industry," said China Securities Journal, citing an unidentified banker. "The central bank will let large lenders increase new loans by a maximum of about 5 percent from a year earlier."
China's State Council is working on a proposal to allow local pension funds to invest 10 to 20 percent of assets in the stock market. The estimated total amount of available capital could reach 360 billion yuan, Sina News reported.
It was reported earlier that national pension fund has been approved to invest 100 billion yuan from a southern province in the stock market.
Banks advanced 1.24 percent on average. China Merchants Bank gained 1.18 percent to 12.85 yuan. China Citic Bank rose 1.15 percent to 4.41 yuan. Agricultural Bank of China edged up 0.37 percent to 2.71 yuan.
The key index advanced 0.37 percent, or 8.51 points, to 2,304.59, by the noon break with a turnover of 29.3 billion yuan (US$4.6 billion).
"The rebound of the index this week is mainly because of improved liquidity in January, and was catalyzed by the speculation of big-amount pension funds to invest in the stock market," said Pingan Securities in a report. "In the first quarter the market will rise moderately to recover from previous loss."
The nation's biggest four banks lent out new loans amounting to 110 billion yuan in January so far, according to industry insiders, the total amount of new loans in January is expected to reach one trillion yuan, the China Securities Journal reported.
The central bank reported total new loans in last December had reached 640.5 billion yuan, the highest level since April.
"Soaring new loans in January is normal in the banking industry," said China Securities Journal, citing an unidentified banker. "The central bank will let large lenders increase new loans by a maximum of about 5 percent from a year earlier."
China's State Council is working on a proposal to allow local pension funds to invest 10 to 20 percent of assets in the stock market. The estimated total amount of available capital could reach 360 billion yuan, Sina News reported.
It was reported earlier that national pension fund has been approved to invest 100 billion yuan from a southern province in the stock market.
Banks advanced 1.24 percent on average. China Merchants Bank gained 1.18 percent to 12.85 yuan. China Citic Bank rose 1.15 percent to 4.41 yuan. Agricultural Bank of China edged up 0.37 percent to 2.71 yuan.
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