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Shares rally, led by banks, coal and metal producers
By Hu Xiaocen |
January 19, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index rebounded from yesterday's loss as China's central bank injected more liquidity by reverse repurchase of bills.
The key index jumped 1.31 percent to 2,296.07 points at the close with a turnover of 63.9 billion yuan (US$10.1 billion). Nonferrous metal producers soared by 2.88 percent, while coal mines rose 1.56 percent.
"The rally of coal miners and metal producers is a sign of market recovery, however the unmet expectation of further easing of the monetary policy kept investors at bay as indicated by a shrinking turnover," said China AMC.
China Shenhua Energy Co, the nation's biggest coal producer, added 0.82 percent to 27.1 yuan. Jiangxi copper, the largest producer of the metal in China, jumped 2.28 percent to 25.6 yuan.
The People's Bank of China, the central bank, repurchased 183 billion yuan worth of bills from commercial banks, according to an announcement on its website.
To keep market liquidity at a reasonable level, the central bank usually repurchases bills from lenders every Tuesday and Thursday, but this week it bought bills also on Monday and Wednesday without disclosing the actual sums.
"Chinese enterprises are experiencing extreme difficulties amid economic slowdown. More liquidity can produce a short-term market rally. The market's long-term trend depends on the growth of economy," said GF Securities.
Banks rallied till the trading close. Industrial and Commercial Bank of China, the nation's largest bank, advanced 1.16 percent to 4.36 yuan. China Merchants Bank jumped 1.44 percent to 12.70. Bank of China added 1.01 percent to 3.01 yuan.
"During the Spring Festival, uncertainties in overseas markets will bring confusion to the A-share market. Volatility is unlikely to ease and the market will continue to fluctuate before the holiday," said Central China Securities.
The key index jumped 1.31 percent to 2,296.07 points at the close with a turnover of 63.9 billion yuan (US$10.1 billion). Nonferrous metal producers soared by 2.88 percent, while coal mines rose 1.56 percent.
"The rally of coal miners and metal producers is a sign of market recovery, however the unmet expectation of further easing of the monetary policy kept investors at bay as indicated by a shrinking turnover," said China AMC.
China Shenhua Energy Co, the nation's biggest coal producer, added 0.82 percent to 27.1 yuan. Jiangxi copper, the largest producer of the metal in China, jumped 2.28 percent to 25.6 yuan.
The People's Bank of China, the central bank, repurchased 183 billion yuan worth of bills from commercial banks, according to an announcement on its website.
To keep market liquidity at a reasonable level, the central bank usually repurchases bills from lenders every Tuesday and Thursday, but this week it bought bills also on Monday and Wednesday without disclosing the actual sums.
"Chinese enterprises are experiencing extreme difficulties amid economic slowdown. More liquidity can produce a short-term market rally. The market's long-term trend depends on the growth of economy," said GF Securities.
Banks rallied till the trading close. Industrial and Commercial Bank of China, the nation's largest bank, advanced 1.16 percent to 4.36 yuan. China Merchants Bank jumped 1.44 percent to 12.70. Bank of China added 1.01 percent to 3.01 yuan.
"During the Spring Festival, uncertainties in overseas markets will bring confusion to the A-share market. Volatility is unlikely to ease and the market will continue to fluctuate before the holiday," said Central China Securities.
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