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Stocks rise in early trade on stimulus hopes
By Ye Zhen |
July 17, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI equity market rebounded from a three-year low this morning, boosted by financial stocks, amid speculation that the government may introduce more stimulus measures to shore up growth.
The benchmark Shanghai Composite Index gained 0.55 percent, or 11.77 points to 2,159.73 points. Turnover stood at 29.9 billion yuan (US$4.7 billion) by the noon break.
The People's Bank of China today released 20 billion yuan into the economy via 7-day reverse repurchase agreements with an interest rate set at 3.3 percent.
Analysts expect the central bank to cut banks' reserve requirement ratio this week. Ding Ping, a senior bond trader at Shanghai Rural Commercial Bank, said China's reserve requirement ratio is still at a relatively high level and the government may cut the ratio four times within the year. This week could be good timing for a cut, he added.
Brokerages led the market gains. Citic Securities, the biggest listed brokerage, rose 3.4 percent to 12.92 yuan. Haitong Securities Co jumped 4 percent to 10 yuan. Soochow Securities Co added 3.1 percent to 8.59 yuan.
Lenders also gained. Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 0.5 percent to 3.81 yuan. China Construction Bank Corporation rose 0.8 percent to 4.03 yuan. China Merchants Bank added 0.9 percent to 10.17 yuan.
China Life Insurance, the country's biggest insurer, climbed 1.7 percent after the group said its total assets broke through the 2-trillion-yuan barrier by the end of June.
The benchmark Shanghai Composite Index gained 0.55 percent, or 11.77 points to 2,159.73 points. Turnover stood at 29.9 billion yuan (US$4.7 billion) by the noon break.
The People's Bank of China today released 20 billion yuan into the economy via 7-day reverse repurchase agreements with an interest rate set at 3.3 percent.
Analysts expect the central bank to cut banks' reserve requirement ratio this week. Ding Ping, a senior bond trader at Shanghai Rural Commercial Bank, said China's reserve requirement ratio is still at a relatively high level and the government may cut the ratio four times within the year. This week could be good timing for a cut, he added.
Brokerages led the market gains. Citic Securities, the biggest listed brokerage, rose 3.4 percent to 12.92 yuan. Haitong Securities Co jumped 4 percent to 10 yuan. Soochow Securities Co added 3.1 percent to 8.59 yuan.
Lenders also gained. Industrial and Commercial Bank of China Ltd, the nation's largest lender, increased 0.5 percent to 3.81 yuan. China Construction Bank Corporation rose 0.8 percent to 4.03 yuan. China Merchants Bank added 0.9 percent to 10.17 yuan.
China Life Insurance, the country's biggest insurer, climbed 1.7 percent after the group said its total assets broke through the 2-trillion-yuan barrier by the end of June.
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