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Stocks rise on prospect of more liquidity next year
By Lu Nengneng |
December 30, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index jumped in the morning session on the prospect of liquidity injection next year to stimulate the nation's economic growth.
The Shanghai Composite Index ended 0.82 percent up at 2,191.46 points by noon break on the last trading day this year. Turnover stood at 21.4 billion yuan (US$3.4 billion).
Concerns over next year's economic outlook were eased after the central government suspended the issue of three-month bills yesterday, the first time in six months, signaling a firm intention to lower bank reserve requirements again in the near future.
Insurers led the advance of financials on speculation of liquidity easing. China Life Insurance added 2.27 percent to 17.59 yuan. Ping An Insurance gained 1.59 percent to 34.49 yuan. Industrial Bank was up 1.13 percent to 12.48 yuan. China Merchants Bank increased 1.89 percent to 11.88 yuan.
Real estate developers rose as the expected reserve ratio cuts will reduce their cash flow pressure the government extended restrictions on home purchases to curb the housing market inflation.
China Vanke, the country's biggest developer, gained 1.64 percent to 7.45 yuan. Poly Real Estate hiked 2.67 percent to 10 yuan. Gemdale Group grew 2.29 percent to 4.91 yuan.
The Shanghai Composite Index ended 0.82 percent up at 2,191.46 points by noon break on the last trading day this year. Turnover stood at 21.4 billion yuan (US$3.4 billion).
Concerns over next year's economic outlook were eased after the central government suspended the issue of three-month bills yesterday, the first time in six months, signaling a firm intention to lower bank reserve requirements again in the near future.
Insurers led the advance of financials on speculation of liquidity easing. China Life Insurance added 2.27 percent to 17.59 yuan. Ping An Insurance gained 1.59 percent to 34.49 yuan. Industrial Bank was up 1.13 percent to 12.48 yuan. China Merchants Bank increased 1.89 percent to 11.88 yuan.
Real estate developers rose as the expected reserve ratio cuts will reduce their cash flow pressure the government extended restrictions on home purchases to curb the housing market inflation.
China Vanke, the country's biggest developer, gained 1.64 percent to 7.45 yuan. Poly Real Estate hiked 2.67 percent to 10 yuan. Gemdale Group grew 2.29 percent to 4.91 yuan.
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