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Stocks rise on speculation reserve requirement will be cut
By Hu Xiaocen |
May 3, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up today, extending the week's gains on speculation the government will soon slash the reserve requirement ratio for lenders.
The Shanghai Composite Index gained 0.07 percent, or 1.64 points to 2,440.08, a seven-week high. Turnover stood at 102 billion yuan (US$16.2 billion) at the trading close.
China's non-manufacturing activities retreated 1.9 percentage points month-on-month to 56.1 percent in April, indicating a slower pace in growth, the National Bureau of Statistics said on its website today. A number above 50 means expansion.
"Non-manufacturing activities slowed due to a weakened consumer sector on seasonal effects," said Du Zhengzheng, a macroeconomic analyst at China Development Bank Securities. "The turnover in the property market remained low, signaling a contraction in the sector. The two sectors dragged the index lower in April. "
By April 25, China's four biggest banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China - provided 260 billion yuan in new loans last month, a much lower pace compared to March, 21st Century Business Herald reported today.
Meanwhile, yuan deposits of the four lenders dropped more than 1 trillion yuan in the first two weeks in April, China Securities Journal said on its microblog today.
According to market watchers, aggregate loans dropped 30 percent year-on-year to 700 billion yuan in April. The central bank may cut the reserve requirement for commercial banks as soon as this week.
Lenders fell across the board. ICBC shed 1.1 percent to 4.36 yuan. CCB lost 0.8 percent to 4.73 yuan. BOC slid 0.3 percent to 3.06 yuan.
Brokerages continued to rally on renewed market confidence after the securities regulator recently introduced new measures designed to boost the capital market. Haitong Securities Co jumped 2 percent to 10.32 yuan. Sinolink Securities Co soared 8.4 percent to 15.04 yuan. Founder Securities Co advanced 3.2 percent to 5.5 yuan.
The two mainland stock bourses have posted new delisting rules including stricter delisting triggers to "wipe out" trash stocks. Almost 40 companies under special treatment, or ST shares, tumbled by the 10 percent daily limit today. ST shares normally have a higher risk of being delisted.
The Shanghai Composite Index gained 0.07 percent, or 1.64 points to 2,440.08, a seven-week high. Turnover stood at 102 billion yuan (US$16.2 billion) at the trading close.
China's non-manufacturing activities retreated 1.9 percentage points month-on-month to 56.1 percent in April, indicating a slower pace in growth, the National Bureau of Statistics said on its website today. A number above 50 means expansion.
"Non-manufacturing activities slowed due to a weakened consumer sector on seasonal effects," said Du Zhengzheng, a macroeconomic analyst at China Development Bank Securities. "The turnover in the property market remained low, signaling a contraction in the sector. The two sectors dragged the index lower in April. "
By April 25, China's four biggest banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China - provided 260 billion yuan in new loans last month, a much lower pace compared to March, 21st Century Business Herald reported today.
Meanwhile, yuan deposits of the four lenders dropped more than 1 trillion yuan in the first two weeks in April, China Securities Journal said on its microblog today.
According to market watchers, aggregate loans dropped 30 percent year-on-year to 700 billion yuan in April. The central bank may cut the reserve requirement for commercial banks as soon as this week.
Lenders fell across the board. ICBC shed 1.1 percent to 4.36 yuan. CCB lost 0.8 percent to 4.73 yuan. BOC slid 0.3 percent to 3.06 yuan.
Brokerages continued to rally on renewed market confidence after the securities regulator recently introduced new measures designed to boost the capital market. Haitong Securities Co jumped 2 percent to 10.32 yuan. Sinolink Securities Co soared 8.4 percent to 15.04 yuan. Founder Securities Co advanced 3.2 percent to 5.5 yuan.
The two mainland stock bourses have posted new delisting rules including stricter delisting triggers to "wipe out" trash stocks. Almost 40 companies under special treatment, or ST shares, tumbled by the 10 percent daily limit today. ST shares normally have a higher risk of being delisted.
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