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Stocks add 0.73% as cabinet likely to boost growth
By Ye Zhen |
July 19, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rose the most in two weeks today on speculation the government may unveil measures to boost growth in the world's second largest economy.
The key Shanghai Composite Index added 0.73 percent to settle at 2,184.84 points. Turnover was 68.4 billion yuan (US$10.9 billion).
China's cabinet is likely to meet this week to review the economic situation in the first half of this year and discuss efforts to boost growth for the second half. Analysts expect the government to unveil financial incentives during the meeting to shore up investor confidence.
China's central bank today injected 80 billion yuan into the market via seven-day reverse repurchase agreements at an interest rate of 3.35 percent.
"The central bank needs to cut banks' reserve requirement ratio to ease the current liquidity crunch, and this weekend should be a good timing," said Sheng Hongqing, an analyst with China Everbright Bank.
Insurers led the market gains. China Life Insurance, the country's biggest insurer, jumped 5.6 percent to 20 yuan. Ping An Insurance Co, China's second largest insurer, gained 3.7 percent to 45.95 yuan. China Pacific Insurance (Group) Co rose 4.5 percent to 23.64 yuan.
Most brokerages rose. Haitong Securities Co increased 0.6 percent to 10.05 yuan. Soochow Securities Co added 1.6 percent to 8.78 yuan. Founder Securities climbed 2.8 percent to 4.73 yuan.
Property developers' trading was mixed on speculation that the government may further restrict the real estate market after home prices rebounded in more cities in June. Poly Real Estate, the nation's second largest developer, lost 1.9 percent to 11.56 yuan. Gemdale Corporation shed 0.8 percent to 6.02 yuan. China Vanke, the nation's biggest developer, added 0.1 percent to 9.44 yuan.
The key Shanghai Composite Index added 0.73 percent to settle at 2,184.84 points. Turnover was 68.4 billion yuan (US$10.9 billion).
China's cabinet is likely to meet this week to review the economic situation in the first half of this year and discuss efforts to boost growth for the second half. Analysts expect the government to unveil financial incentives during the meeting to shore up investor confidence.
China's central bank today injected 80 billion yuan into the market via seven-day reverse repurchase agreements at an interest rate of 3.35 percent.
"The central bank needs to cut banks' reserve requirement ratio to ease the current liquidity crunch, and this weekend should be a good timing," said Sheng Hongqing, an analyst with China Everbright Bank.
Insurers led the market gains. China Life Insurance, the country's biggest insurer, jumped 5.6 percent to 20 yuan. Ping An Insurance Co, China's second largest insurer, gained 3.7 percent to 45.95 yuan. China Pacific Insurance (Group) Co rose 4.5 percent to 23.64 yuan.
Most brokerages rose. Haitong Securities Co increased 0.6 percent to 10.05 yuan. Soochow Securities Co added 1.6 percent to 8.78 yuan. Founder Securities climbed 2.8 percent to 4.73 yuan.
Property developers' trading was mixed on speculation that the government may further restrict the real estate market after home prices rebounded in more cities in June. Poly Real Estate, the nation's second largest developer, lost 1.9 percent to 11.56 yuan. Gemdale Corporation shed 0.8 percent to 6.02 yuan. China Vanke, the nation's biggest developer, added 0.1 percent to 9.44 yuan.
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