Related News
Stocks gain on Greek news
By Hu Xiaocen |
February 21, 2012, Tuesday
|
Online Edition
Online Edition
THE Shanghai Composite Index snapped out of its earlier losses in the morning, as European governments agreed on Greece's bailout package, and investors speculated that the Chinese government would loosen liquidity.
The key Index gained 0.75 percent, or 17.83 points to 2,381.43 at the trading close, the highest level since December 2. Turnover stood at 74.5 billion yuan (US$11.8 billion).
Greece finally secured a second bailout from European governments as the finance ministers agreed on a US$171.9 billion deal, and produced a plan to reduce Greece's debt to 120.5 percent of its gross domestic product by 2020 – 8.5 percentage points lower than the target in the agenda.
Concerns about China's export growth materialized after January export data fell 0.5 percent year on year for the first time in two years. Shipping companies rallied on the Greek bailout news, as Europe is China's biggest export market.
COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, gained 0.43 percent to 4.69 yuan. China Shipping Containers Lines Co, jumped 0.7 percent to 2.88 yuan. Zhongchang Marine Co, soared 1.21 percent to 7.54 yuan.
"The cut in the bank's reserve ratio signals monetary policy relaxation. The credit crunch will be eased in the short run," said China Central Huijin Investment in a report.
The Chinese central bank announced on Saturday a Reserve Requirement Ratio cut for commercial banks of 0.5 percent points, which will pump 400 billion yuan into the system.
"The A-share market is on a rising track, although at a slower pace," said Wang Qiongyu, senior analyst at Founder Securities. "The market expectation of cuts in bank reserve ratios was finally realized, which boosted investors' confidence."
All lenders gained. Industrial and Commercial Bank of China, the nation's largest bank, soared 1.36 percent to 4.46 yuan. Bank of China jumped 1.65 percent to 3.08 yuan. The Bank of Communication added 0.2 percent to 4.96 yuan.
The key Index gained 0.75 percent, or 17.83 points to 2,381.43 at the trading close, the highest level since December 2. Turnover stood at 74.5 billion yuan (US$11.8 billion).
Greece finally secured a second bailout from European governments as the finance ministers agreed on a US$171.9 billion deal, and produced a plan to reduce Greece's debt to 120.5 percent of its gross domestic product by 2020 – 8.5 percentage points lower than the target in the agenda.
Concerns about China's export growth materialized after January export data fell 0.5 percent year on year for the first time in two years. Shipping companies rallied on the Greek bailout news, as Europe is China's biggest export market.
COSCO Shipping Co, a unit of China's largest operator of dry bulk cargo ships, gained 0.43 percent to 4.69 yuan. China Shipping Containers Lines Co, jumped 0.7 percent to 2.88 yuan. Zhongchang Marine Co, soared 1.21 percent to 7.54 yuan.
"The cut in the bank's reserve ratio signals monetary policy relaxation. The credit crunch will be eased in the short run," said China Central Huijin Investment in a report.
The Chinese central bank announced on Saturday a Reserve Requirement Ratio cut for commercial banks of 0.5 percent points, which will pump 400 billion yuan into the system.
"The A-share market is on a rising track, although at a slower pace," said Wang Qiongyu, senior analyst at Founder Securities. "The market expectation of cuts in bank reserve ratios was finally realized, which boosted investors' confidence."
All lenders gained. Industrial and Commercial Bank of China, the nation's largest bank, soared 1.36 percent to 4.46 yuan. Bank of China jumped 1.65 percent to 3.08 yuan. The Bank of Communication added 0.2 percent to 4.96 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
