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Chinese key stock index up nearly 1 pct

Source:   Time:

BEIJING, Feb. 22 (Xinhua) -- Chinese shares rallied for a third straight day Wednesday with most sectors posting gains amid expectations of a rebound of the stock market as the central bank last Saturday began moves to boost market liquidity.

A report from Citic Securities said that the latest decision of the central bank to cut banks' reserve requirement ratio (RRR) by 50 basis points confirmed that monetary policies are likely to turn neutral.

The report predicted as many as three RRR cuts for the rest of the year, which could stimulate more investment in the stock market.

The benchmark Shanghai Composite Index closed up up 22.16 points, or 0.93 percent, to finish at 2,403.59, the highest close in more than two months.

The Shenzhen Component Index rose 1.72 percent, or 166.66 points, to end at 9,862.53.

Combined turnover of the two bourses sharply expanded to 217.2 billion yuan (34.5 billion U.S. dollars), up from 150 billion yuan the previous trading day.

Most shares rose during Wednesday's trading. Gainers outnumbered losers by 888 to 34 in Shanghai, and by 1,378 to 23 in Shenzhen.

Media and entertainment-related stocks and shares of securities traders gained. Time Publishing and Media Co., Ltd. jumped 5.8 percent to 12.41 yuan per share, and Industrial Securities rose 4 percent to 11.44 yuan.

Shares of property developers and gold-related stocks rose. China Vanke, the country's largest listed property developer by market value, rose 3.4 percent to 8.19 yuan. Zhongjin Gold Corp. Ltd. closed up 1.56 percent at 23.39 yuan.

Bucking the trend, bank shares fell. Bank of China closed down 0.65 percent to 3.06 yuan, and shares of the Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.45 percent to 4.44 yuan.

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