Talks of possible policy easing pull index higher
By Ye Zhen |
August 18, 2012, Saturday
|
Print Edition
Print Edition
BANK stocks pushed Shanghai's stock market to close slightly higher yesterday as investors banked that the Chinese government may unveil measures to boost the economy over the weekend.
The Shanghai Composite Index inched up 0.13 percent to 2,114.89 points. For the week, the index was down 2.49 percent, the biggest weekly loss in two months.
Speculation that policymakers may ease its stance reignited ahead of the weekend after Premier Wen Jiabao said there's growing room for monetary policy tools as inflation eased.
UBS Securities said in a report that the government may escalate policy support in the following months. The brokerage expects the central bank to lower bank reserve requirement ratio soon and to encourage more credit for big projects.
Shanghai Pudong Development Bank added 0.3 percent to 7.55 yuan (US$1.19) on an annual 33 percent surge in its first-half net profit. An annual rise of 42 percent in net profit in the first half lifted Hua Xia Bank 1.1 percent to 8.82 yuan.
The Shanghai Composite Index inched up 0.13 percent to 2,114.89 points. For the week, the index was down 2.49 percent, the biggest weekly loss in two months.
Speculation that policymakers may ease its stance reignited ahead of the weekend after Premier Wen Jiabao said there's growing room for monetary policy tools as inflation eased.
UBS Securities said in a report that the government may escalate policy support in the following months. The brokerage expects the central bank to lower bank reserve requirement ratio soon and to encourage more credit for big projects.
Shanghai Pudong Development Bank added 0.3 percent to 7.55 yuan (US$1.19) on an annual 33 percent surge in its first-half net profit. An annual rise of 42 percent in net profit in the first half lifted Hua Xia Bank 1.1 percent to 8.82 yuan.
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