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Stocks jump 2.29% despite grim PMI
By Lu Nengneng |
December 1, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in one and a half months after the central bank cut the bank reserve requirement ratio by 0.5 percentage points to pull the economy out of a liquidity crunch.
The Shanghai Composite Index jumped 2.29 percent to close at 2386.86 points, the biggest since October 12. Turnover was 83.56 billion yuan (US$13.17 billion).
Financials paced the increase as the reduced reserve-requirement ratio, effective on December 5, is expected to inject between 350 billion and 400 billion yuan into the banking system.
It will be the first reserve ratio cut since December 2008 and will see the requirement decline to 21 percent for big institutions, and 17.5 percent for smaller ones.
China Life Insurance Co led the increase among insurers, surging 7.88 percent to 18.48 yuan. Sealand Securities jumped 8.52 percent to 13.63 yuan, the most among brokers. China Merchants Bank gained 3.93 percent to 11.65 yuan, the most among lenders.
Property developers buoyed on speculation that there will be more fine-tuning of tight monetary policies.
China Vanke,the country's biggest developer, gained 4.67 percent to 7.39 yuan. Poly Real Estate climbed 5.65 percent to 9.73 yuan.
Metal producers remained optimistic about the economic outlook and surged, despite the official November purchasing managers index falling to 49, down from last month's 50.4. The reading indicates a contraction of industrial activities.
Jiangxi Copper Co, China's biggest producer of the metal, was up 6.12 percent to 26.36 yuan. Baoshan Iron & Steel Co, the listed unit of the country's second largest steelmaker, jumped 1.45 percent to 4.91 yuan.
The Shanghai Composite Index jumped 2.29 percent to close at 2386.86 points, the biggest since October 12. Turnover was 83.56 billion yuan (US$13.17 billion).
Financials paced the increase as the reduced reserve-requirement ratio, effective on December 5, is expected to inject between 350 billion and 400 billion yuan into the banking system.
It will be the first reserve ratio cut since December 2008 and will see the requirement decline to 21 percent for big institutions, and 17.5 percent for smaller ones.
China Life Insurance Co led the increase among insurers, surging 7.88 percent to 18.48 yuan. Sealand Securities jumped 8.52 percent to 13.63 yuan, the most among brokers. China Merchants Bank gained 3.93 percent to 11.65 yuan, the most among lenders.
Property developers buoyed on speculation that there will be more fine-tuning of tight monetary policies.
China Vanke,the country's biggest developer, gained 4.67 percent to 7.39 yuan. Poly Real Estate climbed 5.65 percent to 9.73 yuan.
Metal producers remained optimistic about the economic outlook and surged, despite the official November purchasing managers index falling to 49, down from last month's 50.4. The reading indicates a contraction of industrial activities.
Jiangxi Copper Co, China's biggest producer of the metal, was up 6.12 percent to 26.36 yuan. Baoshan Iron & Steel Co, the listed unit of the country's second largest steelmaker, jumped 1.45 percent to 4.91 yuan.
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