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Stock index closes 0.1% down after stable afternoon trade
By Hu Xiaocen |
December 20, 2011, Tuesday
|
Online Edition
Online Edition
THE Shanghai Composite Index closed slightly down after stabilizing in afternoon trade on speculation that the central bank will further cut banks' reserve requirement ratios.
Some sectors were also boosted after a government authority released news about major new projects in China's Western Development region.
The key index dipped 0.1 percent to 2,215.93 points at the close of trade today, after hovering near 2,222 points in the afternoon.
It is generally expected that the central bank will further cut the reserve requirement ratios for banks in the near term, the China Securities Journal said today.
The easing outlook of government's monetary policy seemed to bolster stocks markets today, however "stocks will fall further if the expectation of lower reserve ratios is not fulfilled," said Chen Bin, senior investment consultant at Wanlian Securities.
The National Development and Reform Commission, China's top planning agency, announced it had started 22 new major projects in the country's Western Development region totaling 207.9 billion (US$32.5 billion) in investments.
Tibet Urban Development and Investment Co jumped with the daily trading limit of 10 percent to 11.39 yuan on the back of this news.
From 2000 to 2011, 165 major projects costing 3.1 trillion yuan were initiated in the western region, which includes six central and western provinces, five autonomous regions including Tibet and Xinjiang, as well as Chongqing Municipality.
The property sector rose by 0.27 percent despite the unlikelihood of property curbs being relaxed.
The cement sector rose the most among all the boards by 2.59 percent, maintaining its leading position from the morning session.
Some sectors were also boosted after a government authority released news about major new projects in China's Western Development region.
The key index dipped 0.1 percent to 2,215.93 points at the close of trade today, after hovering near 2,222 points in the afternoon.
It is generally expected that the central bank will further cut the reserve requirement ratios for banks in the near term, the China Securities Journal said today.
The easing outlook of government's monetary policy seemed to bolster stocks markets today, however "stocks will fall further if the expectation of lower reserve ratios is not fulfilled," said Chen Bin, senior investment consultant at Wanlian Securities.
The National Development and Reform Commission, China's top planning agency, announced it had started 22 new major projects in the country's Western Development region totaling 207.9 billion (US$32.5 billion) in investments.
Tibet Urban Development and Investment Co jumped with the daily trading limit of 10 percent to 11.39 yuan on the back of this news.
From 2000 to 2011, 165 major projects costing 3.1 trillion yuan were initiated in the western region, which includes six central and western provinces, five autonomous regions including Tibet and Xinjiang, as well as Chongqing Municipality.
The property sector rose by 0.27 percent despite the unlikelihood of property curbs being relaxed.
The cement sector rose the most among all the boards by 2.59 percent, maintaining its leading position from the morning session.
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