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Shanghai stocks hit 8-week high as confidence grows
By Lu Nengneng |
February 3, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped to an eight-week high today as the industrial capital's holding increase and the authority's liquidity easing improved the investor sentiment.
The benchmark Shanghai Composite Index continued yesterday's advance, rising 0.77 percent to 2,330.41 points and capping the first week after the Spring Festival break with a 0.49 percent gain. Turnover expanded to 70.2 billion yuan (US$11.1 billion).
Those who held a wait-and-see stance during the previous market consolidation regained confidence after the China Securities Journal reported today that big shareholders of listed companies had added 2.39 billion yuan worth of shares to their holdings this year ahead of the earnings reports.
On the other hand, the central bank suspended the new issue and repurchase of bills for a fourth week yesterday to offset the liquidity tightening effects due to the expiration of its nearly 400-billion-yuan bill reverse repurchase before the holiday.
Lenders gained on speculation of another bank reserve requirement ratio cut soon. Bank of China was up 0.66 percent to 3.06 yuan. China Construction Bank rose 0.83 percent to 4.89 yuan. Industrial and Commercial Bank of China advanced 0.69 percent to 4.41 yuan. The state-run Central Huijin Investment Company has agreed to let major banks, in which it holds stakes, to cut cash dividend ratio to improve capital adequacy.
Property developers recovered from overselling triggered by worries over cash flow. Poly Real Estate gained 1.14 percent to 10.68 yuan. Gemdale Group added 1.5 percent to 5.4 yuan.
The benchmark Shanghai Composite Index continued yesterday's advance, rising 0.77 percent to 2,330.41 points and capping the first week after the Spring Festival break with a 0.49 percent gain. Turnover expanded to 70.2 billion yuan (US$11.1 billion).
Those who held a wait-and-see stance during the previous market consolidation regained confidence after the China Securities Journal reported today that big shareholders of listed companies had added 2.39 billion yuan worth of shares to their holdings this year ahead of the earnings reports.
On the other hand, the central bank suspended the new issue and repurchase of bills for a fourth week yesterday to offset the liquidity tightening effects due to the expiration of its nearly 400-billion-yuan bill reverse repurchase before the holiday.
Lenders gained on speculation of another bank reserve requirement ratio cut soon. Bank of China was up 0.66 percent to 3.06 yuan. China Construction Bank rose 0.83 percent to 4.89 yuan. Industrial and Commercial Bank of China advanced 0.69 percent to 4.41 yuan. The state-run Central Huijin Investment Company has agreed to let major banks, in which it holds stakes, to cut cash dividend ratio to improve capital adequacy.
Property developers recovered from overselling triggered by worries over cash flow. Poly Real Estate gained 1.14 percent to 10.68 yuan. Gemdale Group added 1.5 percent to 5.4 yuan.
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