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Stock break four-day losing streak
By Lydia Chen |
September 7, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai snapped out of a four-day losing streak and rose the most in nine trading days today, with financials leading blue chips higher on expectations that China might ease its monetary tightening.
The Shanghai Composite Index jumped 1.84 percent to 2,516.09, the biggest daily gain since August 25. Turnover also added to about 62 billion yuan (US$9.7 billion).
"If China's macro-economy policy is not going to change, this gains could only be a short-term recovery, not a rebound," said Yuan Jianxin, an analyst with Changjiang Securities.
Brokerages were the biggest gainers among financials today. Founder Securities Co hiked 6.32 percent to 6.22 yuan. CITIC Securities, one of the country's biggest brokerages, climbed 2.65 percent to 12.03 yuan.
Banks followed the gainers. Industrial & Commercial Bank of China, the country's largest lender, added 1.23 percent to 4.12 yuan. Minsheng Bank buoyed 3.09 percent to 6 yuan.
The rise among financial plays came after a report by China Securities Journal said today that there were growing expectations in the market that the central bank may lower its bank reserve requirement ratio for some or all banks to slightly ease liquidity in the market.
Chinese banks have to put aside a total of about 900 billion yuan in the next six months after the central bank widened the reserve requirement ratio base to include margin deposits, which is equivalent to up to three bank reserve ratio hikes, the front-page editorial said.
China will shift to a "neutral" monetary policy from tightening if inflation starts to peak, Jing Ulrich, JPMorgan's managing director and chairman of global markets for China, said in Hong Kong at a press conference today.
The Shanghai Composite Index jumped 1.84 percent to 2,516.09, the biggest daily gain since August 25. Turnover also added to about 62 billion yuan (US$9.7 billion).
"If China's macro-economy policy is not going to change, this gains could only be a short-term recovery, not a rebound," said Yuan Jianxin, an analyst with Changjiang Securities.
Brokerages were the biggest gainers among financials today. Founder Securities Co hiked 6.32 percent to 6.22 yuan. CITIC Securities, one of the country's biggest brokerages, climbed 2.65 percent to 12.03 yuan.
Banks followed the gainers. Industrial & Commercial Bank of China, the country's largest lender, added 1.23 percent to 4.12 yuan. Minsheng Bank buoyed 3.09 percent to 6 yuan.
The rise among financial plays came after a report by China Securities Journal said today that there were growing expectations in the market that the central bank may lower its bank reserve requirement ratio for some or all banks to slightly ease liquidity in the market.
Chinese banks have to put aside a total of about 900 billion yuan in the next six months after the central bank widened the reserve requirement ratio base to include margin deposits, which is equivalent to up to three bank reserve ratio hikes, the front-page editorial said.
China will shift to a "neutral" monetary policy from tightening if inflation starts to peak, Jing Ulrich, JPMorgan's managing director and chairman of global markets for China, said in Hong Kong at a press conference today.
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