Shanghai stocks post small gain
By Ye Zhen |
October 31, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded from a three-day slump yesterday after the central bank injected a record amount of liquidity into the nation's money market.
The benchmark Shanghai Composite Index inched up 0.17 percent to close at 2,062.35 points.
The People's Bank of China yesterday pumped 290 billion yuan (US$46.4 billion) into the banking system via seven-day reverse repurchase agreements and an additional 105 billion yuan through 28-day agreements, marking the biggest ever daily injection.
The liquidity boost is equal to a cut in reverse ratios and will help ease a liquidity crunch, a trader told China Securities Journal.
Sinolink Securities warned the market is still weak and advised investors to be cautious until the end of the current earnings season.
Property developers gained as strong earnings added to expectations the worst is over in the housing sector. Poly Real Estate Group increased 2.5 percent to 10.98 yuan after reporting a 95 percent annual gain in its third-quarter net profit. Gemdale Corporation climbed 2.2 percent to 5.11 yuan as net earnings in the first nine months gained 92 percent year on year.
The benchmark Shanghai Composite Index inched up 0.17 percent to close at 2,062.35 points.
The People's Bank of China yesterday pumped 290 billion yuan (US$46.4 billion) into the banking system via seven-day reverse repurchase agreements and an additional 105 billion yuan through 28-day agreements, marking the biggest ever daily injection.
The liquidity boost is equal to a cut in reverse ratios and will help ease a liquidity crunch, a trader told China Securities Journal.
Sinolink Securities warned the market is still weak and advised investors to be cautious until the end of the current earnings season.
Property developers gained as strong earnings added to expectations the worst is over in the housing sector. Poly Real Estate Group increased 2.5 percent to 10.98 yuan after reporting a 95 percent annual gain in its third-quarter net profit. Gemdale Corporation climbed 2.2 percent to 5.11 yuan as net earnings in the first nine months gained 92 percent year on year.
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