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Stocks jump 1.8% on new easing hopes
By Lu Nengneng |
April 12, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in two months as banks and brokers gained ahead of tomorrow's economic data release and after the new financial policies for China's southern city Shenzhen were announced.
The benchmark Shanghai Composite Index jumped up 1.82 percent to 2,350.86 points. Turnover stood at 87.3 billion (US$ 13.9 billion).
China's gross domestic product growth in the first quarter, which is due for release tomorrow, may drop from 8.9 percent in the fourth quarter to 8.4 percent, which is the lowest since 2009.
Amid hopes of monetary easing to halt the economic slowdown, Li Tao, an analyst at BOC International, said the central bank might trim down the bank reserve requirement ratio as early as the end of this month to ease the inter-bank liquidity crunch.
Expectations of more free money lifted the banks. Industrial and Commercial Bank of China gained 1.6 percent to 4.36 yuan. China Merchants Bank, headquartered in Shenzhen, increased 2 percent to 12.01 yuan after the city is said to start a pilot yuan lending and borrowing project with Hong Kong.
The news came from a government document cited by the Internet news portal Sina.com this afternoon, which also revealed Shenzhen's plan to establish a regional over-the-counter equity market this year and innovate the bond issues of small and medium companies.
Cheered up by the new policies, brokers were in the forefront of the advance today. CITIC Securities surged 4.1 percent to 12.99 yuan. Industrial Securities soared 4.2 percent to 10.77 yuan. Haitong Securities shot up 4.4 percent to 10.22 yuan.
The benchmark Shanghai Composite Index jumped up 1.82 percent to 2,350.86 points. Turnover stood at 87.3 billion (US$ 13.9 billion).
China's gross domestic product growth in the first quarter, which is due for release tomorrow, may drop from 8.9 percent in the fourth quarter to 8.4 percent, which is the lowest since 2009.
Amid hopes of monetary easing to halt the economic slowdown, Li Tao, an analyst at BOC International, said the central bank might trim down the bank reserve requirement ratio as early as the end of this month to ease the inter-bank liquidity crunch.
Expectations of more free money lifted the banks. Industrial and Commercial Bank of China gained 1.6 percent to 4.36 yuan. China Merchants Bank, headquartered in Shenzhen, increased 2 percent to 12.01 yuan after the city is said to start a pilot yuan lending and borrowing project with Hong Kong.
The news came from a government document cited by the Internet news portal Sina.com this afternoon, which also revealed Shenzhen's plan to establish a regional over-the-counter equity market this year and innovate the bond issues of small and medium companies.
Cheered up by the new policies, brokers were in the forefront of the advance today. CITIC Securities surged 4.1 percent to 12.99 yuan. Industrial Securities soared 4.2 percent to 10.77 yuan. Haitong Securities shot up 4.4 percent to 10.22 yuan.
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