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Stocks dip 0.05% in volatile morning trade
By Hu Xiaocen |
February 23, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index dipped in the morning session after its earlier rally on speculation that more local governments are taking measures to relax property curbs.
The key index lost 0.05 percent, or 1.29 points to 2,402.3 by the noon break with turnover of 62.9 billion yuan (US$9.98 billion). The index hit 2,416.8 points around 11am, the highest level in three months, but closed lower before the break.
Investors were cheered yesterday as Shanghai Securities News reported that Shanghai has taken measures to relax curbs on house purchases, although officials later denied the news.
The National Business Daily reported today that Xiangshan county in Zhejiang Province had canceled restrictions on house purchases starting this year.
"You can buy as many as you want with payment in full," a real estate agent told the newspaper.
Wuhu, an eastern China city, eased local property curbs by subsidizing home purchasers. But the measure was waived by the central government.
Investors speculated that more local governments would start to take measures to bolster the sluggish housing market after the central government's strict controls.
A cut in the bank's reserve ratio by the central bank will be executed tomorrow, which will pump about 400 billion yuan into the system. The central bank suspended open-market operations since the announcement of the cut.
"The purpose of the downward adjustment is to meet credit demand, and bring down market interest rates to a reasonable level," Central Huijin Investment said today.
Deposits at the China's four biggest banks fell 150 billion yuan from where they were 10 days ago, said the 21st Century Business Herald today.
Lenders were not cheered much by a cut in the reserve requirement ratio. Bank of China lost 0.33 percent to 3.06 yuan. Agricultural Bank Of China retreated 0.37 percent to 2.71 yuan. China Construction Bank dropped 0.21 percent to 4.86 yuan.
The key index lost 0.05 percent, or 1.29 points to 2,402.3 by the noon break with turnover of 62.9 billion yuan (US$9.98 billion). The index hit 2,416.8 points around 11am, the highest level in three months, but closed lower before the break.
Investors were cheered yesterday as Shanghai Securities News reported that Shanghai has taken measures to relax curbs on house purchases, although officials later denied the news.
The National Business Daily reported today that Xiangshan county in Zhejiang Province had canceled restrictions on house purchases starting this year.
"You can buy as many as you want with payment in full," a real estate agent told the newspaper.
Wuhu, an eastern China city, eased local property curbs by subsidizing home purchasers. But the measure was waived by the central government.
Investors speculated that more local governments would start to take measures to bolster the sluggish housing market after the central government's strict controls.
A cut in the bank's reserve ratio by the central bank will be executed tomorrow, which will pump about 400 billion yuan into the system. The central bank suspended open-market operations since the announcement of the cut.
"The purpose of the downward adjustment is to meet credit demand, and bring down market interest rates to a reasonable level," Central Huijin Investment said today.
Deposits at the China's four biggest banks fell 150 billion yuan from where they were 10 days ago, said the 21st Century Business Herald today.
Lenders were not cheered much by a cut in the reserve requirement ratio. Bank of China lost 0.33 percent to 3.06 yuan. Agricultural Bank Of China retreated 0.37 percent to 2.71 yuan. China Construction Bank dropped 0.21 percent to 4.86 yuan.
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