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Stocks jump 3.35% on reserve ratio cut
By Lu Nengneng |
December 1, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rallied in the morning session from yesterday's plunge after the central bank lowered the bank reserve requirement ratio by 0.5 percentage points to boost the economy amid a cash crunch.
The Shanghai Composite Index jumped 3.35 percent to 2411.53 points in morning trade. Turnover stood at 65.58 billion yuan (US$10.28 billion).
Banks led the surge as the lowered reserve-requirement ratio will inject more liquidity into the market.
The cut, effective on December 5, is expected to pump between 350 billion and 400 billion yuan into the financial system, the first time the government will set aside more money for lending since December 2008.
China Life Insurance Co soared 9.17 percent to 18.7 yuan. Industrial and Commercial Bank of China, the country's largest bank by market value, rose 2.39 percent to 4.29 yuan.
Property developers rebounded on speculation that there will be more policy fine-tuning to ease cash pressure on the real-state market.
Poly Real Estate gained 8.58 percent to 10 yuan. China Merchants Property Development Co climbed up 5.81 percent to 17.3 yuan.
Metal producers also paced the market rally despite the fact that China's official purchasing managers index for November, released today, fell short of forecasts.
The key gauge of industrial activities declined from last month's 50.4 to 49. A reading below 50 indicates industrial contraction.
Jiangxi Copper Co, China's biggest producer of the metal, was up 7.53 percent to 26.71 yuan. Baoshan Iron & Steel Co, the listed unit of the country's second largest steelmaker, jumped 2.27 percent to 4.95 yuan.
The Shanghai Composite Index jumped 3.35 percent to 2411.53 points in morning trade. Turnover stood at 65.58 billion yuan (US$10.28 billion).
Banks led the surge as the lowered reserve-requirement ratio will inject more liquidity into the market.
The cut, effective on December 5, is expected to pump between 350 billion and 400 billion yuan into the financial system, the first time the government will set aside more money for lending since December 2008.
China Life Insurance Co soared 9.17 percent to 18.7 yuan. Industrial and Commercial Bank of China, the country's largest bank by market value, rose 2.39 percent to 4.29 yuan.
Property developers rebounded on speculation that there will be more policy fine-tuning to ease cash pressure on the real-state market.
Poly Real Estate gained 8.58 percent to 10 yuan. China Merchants Property Development Co climbed up 5.81 percent to 17.3 yuan.
Metal producers also paced the market rally despite the fact that China's official purchasing managers index for November, released today, fell short of forecasts.
The key gauge of industrial activities declined from last month's 50.4 to 49. A reading below 50 indicates industrial contraction.
Jiangxi Copper Co, China's biggest producer of the metal, was up 7.53 percent to 26.71 yuan. Baoshan Iron & Steel Co, the listed unit of the country's second largest steelmaker, jumped 2.27 percent to 4.95 yuan.
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