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Shares rise on optimism over loose liquidity
By Ye Zhen |
June 27, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning on speculation the nation's central bank might take more steps to improve market liquidity.
The Shanghai Composite Index rose 0.34 percent, or 7.64 points, to 2,229.7 points. Turnover stood at 22.1 billion yuan (US$3.5 billion) by midday.
The People's Bank of China, China's central bank, injected 95 billion yuan yesterday through 14-day reverse repurchase agreements with an interest rate of 4.2 percent.
"It is said there would be more reverse repurchase agreement operations with a total worth of 105 billion yuan," a stock trader said.
"Besides open market operations, the central bank may further cut the reserve requirement ratio for banks early next month," Shenyin & Wanguo Securities said in a report today.
Most property developers gained as the real estate market is showing signs of recovery. China Vanke, the nation's biggest developer, added 0.8 percent to 9.02 yuan. Poly Real Estate, the second largest player, jumped 3.1 percent to 11.59 yuan. Gemdale Corporation climed 2.7 percent to 6.76 yuan.
China National Offshore Oil Corporation, the country's biggest offshore oil and gas producer by capacity, said on Monday it would open nine blocks in the South China Sea covering an area of 160,124.38 square kilometers for joint operation with foreign companies.
Oil producers surged on the news. China Oilfield Services Limited soared 8.7 percent to 16.68 yuan. Offshore Oil Engineering Co jumped the day limit of 10 percent to 6.11 yuan.
Gold stocks traded bearish after gold future for August delivery fell 0.9 percent for US$13.5 to US$1,574.9 per ounce in New York yesterday.
Zijin Mining Group Co, the nation's largest gold producer, shed 0.3 percent to 3.89 yuan. Shandong Gold Mining Co lost 0.7 percent to 33.67 yuan. Zhongjin Gold Corp dipped 0.5 percent to 22.07 yuan.
The Shanghai Composite Index rose 0.34 percent, or 7.64 points, to 2,229.7 points. Turnover stood at 22.1 billion yuan (US$3.5 billion) by midday.
The People's Bank of China, China's central bank, injected 95 billion yuan yesterday through 14-day reverse repurchase agreements with an interest rate of 4.2 percent.
"It is said there would be more reverse repurchase agreement operations with a total worth of 105 billion yuan," a stock trader said.
"Besides open market operations, the central bank may further cut the reserve requirement ratio for banks early next month," Shenyin & Wanguo Securities said in a report today.
Most property developers gained as the real estate market is showing signs of recovery. China Vanke, the nation's biggest developer, added 0.8 percent to 9.02 yuan. Poly Real Estate, the second largest player, jumped 3.1 percent to 11.59 yuan. Gemdale Corporation climed 2.7 percent to 6.76 yuan.
China National Offshore Oil Corporation, the country's biggest offshore oil and gas producer by capacity, said on Monday it would open nine blocks in the South China Sea covering an area of 160,124.38 square kilometers for joint operation with foreign companies.
Oil producers surged on the news. China Oilfield Services Limited soared 8.7 percent to 16.68 yuan. Offshore Oil Engineering Co jumped the day limit of 10 percent to 6.11 yuan.
Gold stocks traded bearish after gold future for August delivery fell 0.9 percent for US$13.5 to US$1,574.9 per ounce in New York yesterday.
Zijin Mining Group Co, the nation's largest gold producer, shed 0.3 percent to 3.89 yuan. Shandong Gold Mining Co lost 0.7 percent to 33.67 yuan. Zhongjin Gold Corp dipped 0.5 percent to 22.07 yuan.
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