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Shares jump most in a month on better liquidity
By Feng Jianmin |
November 2, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped today to the highest level in more than a month on improving liquidity and hopes for easier monetary policies.
The benchmark Shanghai Composite Index rose 1.4 percent today to 2,504.11 points, the highest since September 22. Turnover jumped to 102 billion yuan (US$16.1 billion).
Lending from the four major state-owned banks in China have increased significantly in the last week of October, indicating a relatively easy monetary policy in the fourth quarter, the official China Securities Journal reported today.
The seven-day repurchase rate, an indication of the cost of borrowing among commercial banks, dropped for the fourth day from nearly 5 percent to 3.7 percent yesterday, after the central bank halted repurchasing yesterday. Market watchers said that market liquidity was improving as the central bank had eased measures to withdraw money.
Banks rose. Industrial and Commercial Bank of China added 0.5 percent to 4.32 yuan. Bank of Communications jumped 2 percent to 4.79 yuan.
The benchmark Shanghai Composite Index rose 1.4 percent today to 2,504.11 points, the highest since September 22. Turnover jumped to 102 billion yuan (US$16.1 billion).
Lending from the four major state-owned banks in China have increased significantly in the last week of October, indicating a relatively easy monetary policy in the fourth quarter, the official China Securities Journal reported today.
The seven-day repurchase rate, an indication of the cost of borrowing among commercial banks, dropped for the fourth day from nearly 5 percent to 3.7 percent yesterday, after the central bank halted repurchasing yesterday. Market watchers said that market liquidity was improving as the central bank had eased measures to withdraw money.
Banks rose. Industrial and Commercial Bank of China added 0.5 percent to 4.32 yuan. Bank of Communications jumped 2 percent to 4.79 yuan.
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