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Shares edge up on bargain hunting
By Lydia Chen |
November 24, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S benchmark index rose for the first time in seven trading days, lifted by a bout of bargain hunting in previously oversold blue chips amid weak turnover that indicated the market remained vulnerable.
Shanghai Composite Index edged up 0.1 percent to 2,397.55. Turnover added slightly to 51.4 billion yuan (US$8.09 billion) from yesterday's 50 billion yuan.
The rise among financials and developers helped the benchmark index secure gains following its longest losing streak in six months, as the market speculated China might ease its monetary tightening.
Industrial & Commercial Bank climbed 0.94 percent to 4.28 yuan. Poly Real Estate rose 2.92 percent to 9.17 yuan. China Life advanced 3.30 percent to 17.84 yuan.
The central bank has lowered the reserve requirements for more than 20 rural cooperative banks by half a percentage point, raising expectations that China may start to cut the reserve requirement ratio for all banks later.
The move reduces the percentage of deposits that the cooperatives are required to park with the central bank to 16 percent, a "normalization" after an increase a year ago, according to the People's Bank of China yesterday.
China is likely to lower the ratio from a record high before the end of this year and lower the interest rate in the first quarter of next year, according to Jiang Chao, an analyst with Shanghai-based Guotai Junan Securities Co.
But Wang Tao, chief China economist with UBS AG, dismissed the expectations and said the country was not likely to wholly change its monetary tightening in the next 12 months.
A report by China Business News today quoted the central bank saying its recent move to revise reserve requirements for several rural banks did not amount to a cut in their reserve requirement ratio.
Shanghai Composite Index edged up 0.1 percent to 2,397.55. Turnover added slightly to 51.4 billion yuan (US$8.09 billion) from yesterday's 50 billion yuan.
The rise among financials and developers helped the benchmark index secure gains following its longest losing streak in six months, as the market speculated China might ease its monetary tightening.
Industrial & Commercial Bank climbed 0.94 percent to 4.28 yuan. Poly Real Estate rose 2.92 percent to 9.17 yuan. China Life advanced 3.30 percent to 17.84 yuan.
The central bank has lowered the reserve requirements for more than 20 rural cooperative banks by half a percentage point, raising expectations that China may start to cut the reserve requirement ratio for all banks later.
The move reduces the percentage of deposits that the cooperatives are required to park with the central bank to 16 percent, a "normalization" after an increase a year ago, according to the People's Bank of China yesterday.
China is likely to lower the ratio from a record high before the end of this year and lower the interest rate in the first quarter of next year, according to Jiang Chao, an analyst with Shanghai-based Guotai Junan Securities Co.
But Wang Tao, chief China economist with UBS AG, dismissed the expectations and said the country was not likely to wholly change its monetary tightening in the next 12 months.
A report by China Business News today quoted the central bank saying its recent move to revise reserve requirements for several rural banks did not amount to a cut in their reserve requirement ratio.
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