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Stocks rise on rally among coal producers, lenders
By Hu Xiaocen |
July 27, 2012, Friday
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Online Edition
Online Edition
SHANGHAI stocks edged up for the first time in three days, as a rally among coal producers and lenders offset the tumble of other sectors today.
The Shanghai Composite Index added 0.13 percent to 2,128.76 points by the trading close, trimming the weekly loss to 1.8 percent.
"The coal industry and banking sector led the climb, the rare earth producers and insurers plunged the most on Friday," Beijing Capital Stocks, an investment consultancy wrote in a note today. "The A-share market performed weakly while most overseas markets gained, which attributed to the weak sentiment that have put the investors at the bay."
Coal producers led the climb today by an average rise of 1.9 percent. China Shenhua Energy Co, the nation's biggest coal producer, edged up 0.2 percent to 21.71 yuan. Yanzhou Coal Mining Co, jumped 1.3 percent to 18.69 yuan. Qinghai Sunshiny Mining Co, surged by the daily limit of 10 percent to close at 4.04 yuan.
"The central bank made reverse repurchase of bills for five straight weeks to inject liquidity to the money market. The market was a bit disappointed that their expectation of further reserve requirement cut has not been realized yet. However, the monetary policy is expected to continue to loose in the third quarter," Bank of China's Investment Banking Group said in a report today.
All lenders gained. Industrial and Commercial Bank of China, the world's biggest bank by assets, jumped 1.4 percent to 3.72 yuan. China Construction Bank, the nation's second-biggest lender, climbed 1.6 percent to 3.93. Bank of Communications gained 1 percent to 4.22 yuan.
The Shanghai Composite Index added 0.13 percent to 2,128.76 points by the trading close, trimming the weekly loss to 1.8 percent.
"The coal industry and banking sector led the climb, the rare earth producers and insurers plunged the most on Friday," Beijing Capital Stocks, an investment consultancy wrote in a note today. "The A-share market performed weakly while most overseas markets gained, which attributed to the weak sentiment that have put the investors at the bay."
Coal producers led the climb today by an average rise of 1.9 percent. China Shenhua Energy Co, the nation's biggest coal producer, edged up 0.2 percent to 21.71 yuan. Yanzhou Coal Mining Co, jumped 1.3 percent to 18.69 yuan. Qinghai Sunshiny Mining Co, surged by the daily limit of 10 percent to close at 4.04 yuan.
"The central bank made reverse repurchase of bills for five straight weeks to inject liquidity to the money market. The market was a bit disappointed that their expectation of further reserve requirement cut has not been realized yet. However, the monetary policy is expected to continue to loose in the third quarter," Bank of China's Investment Banking Group said in a report today.
All lenders gained. Industrial and Commercial Bank of China, the world's biggest bank by assets, jumped 1.4 percent to 3.72 yuan. China Construction Bank, the nation's second-biggest lender, climbed 1.6 percent to 3.93. Bank of Communications gained 1 percent to 4.22 yuan.
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