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Stocks in last minute rise on easing hopes
By Lu Nengneng |
April 10, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in late trade today following the strengthening of financial and property heavyweights amid hopes of another monetary policy easing.
The Shanghai Composite Index regained ground lost in the morning trade, closing up 0.88 percent to 2,305.86 points. Turnover stood at 63.1 billion yuan (US$10 billion).
The 0.9 percent retreat yesterday set a bearish note for this week after China's inflation rebounded in March, sending the Consumer Price Index up 3.6 percent from a year earlier, which is higher than the estimated 3.5 percent and the 3.2 percent growth in February.
But the sluggish trade data released today – which shows China's exports and imports rose 8.9 percent and 5.3 percent in March from a year earlier, far below the respective 18.4 percent and 39.6 percent growth in February – rekindled market speculation of a monetary easing to pull China out of the economic downturn.
Banks rebounded in the afternoon, looking forward to another reserve requirement ratio cut in the near term. China Construction Bank gained 1.5 percent to 4.74 yuan. China CITIC Bank jumped 2.6 percent to 4.3 yuan.
Property developers also advanced. Poly Real Estate jumped 3.3 percent to 11.66 yuan. China Vanke, the country's biggest developer, rose 2.4 percent to 8.42 yuan.
The Shanghai Composite Index regained ground lost in the morning trade, closing up 0.88 percent to 2,305.86 points. Turnover stood at 63.1 billion yuan (US$10 billion).
The 0.9 percent retreat yesterday set a bearish note for this week after China's inflation rebounded in March, sending the Consumer Price Index up 3.6 percent from a year earlier, which is higher than the estimated 3.5 percent and the 3.2 percent growth in February.
But the sluggish trade data released today – which shows China's exports and imports rose 8.9 percent and 5.3 percent in March from a year earlier, far below the respective 18.4 percent and 39.6 percent growth in February – rekindled market speculation of a monetary easing to pull China out of the economic downturn.
Banks rebounded in the afternoon, looking forward to another reserve requirement ratio cut in the near term. China Construction Bank gained 1.5 percent to 4.74 yuan. China CITIC Bank jumped 2.6 percent to 4.3 yuan.
Property developers also advanced. Poly Real Estate jumped 3.3 percent to 11.66 yuan. China Vanke, the country's biggest developer, rose 2.4 percent to 8.42 yuan.
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