BIZCHINA> Index & Statistics
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BIZCHINA> Index & Statistics
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Mainland stocks climb to record, 04/05
(chinadaily.com.cn/Shanghai Daily)
Updated: 2007-04-06 16:39 Poly Real Estate Group Co, China's largest state-owned developer, advanced 2.57 yuan, or 8.9 percent, to 31.60 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co, a developer in Shanghai's financial district, gained 1.64 yuan, or 7.5 percent, to 23.48 yuan. ICBC, the nation's biggest listed lender, lost 0.10 yuan, or 1.8 percent, to 5.45 yuan. Bank of China Ltd, the country's second-largest, slid 0.06 yuan, or 1.1 percent, to 5.63 yuan.China Merchants BankCo, No. 3, dropped 0.31 yuan, or 1.7 percent, to 17.24 yuan. The reserve requirement ratio, the amount banks must hold rather than lend, will rise by 0.5 percentage point to 10.5 percent effective April 16 as the nation's economic growth shows no sign of moderating after the previous five increases, the People's Bank of China said in a statement yesterday. "The reserve ratio will prevent banks from lending more, hurting their profitability," said Zhang at ICBC Credit Suisse Asset Management. Central bank Governor Zhou Xiaochuan wants to cut excess investment as he tries to cool an economy that probably grew 11 percent last quarter. Last month Zhou raised interest rates to an eight-year high to reduce the risk of loans fueling inflation and asset bubbles. Insurance companies rose after the China Business News reported the regulator may ease restrictions on their equity investments. Ping An Insurance(Group) Co, China's second-biggest insurer, advanced 0.09 yuan, or 0.2 percent, to 48.01 yuan.China Life InsuranceCo, the nation's biggest, added 0.13 yuan, or 0.4 percent, to 35.21 yuan. China may lift a ban and let insurers invest in stocks that have more than doubled in price in the past year, the China Business News said, citing unidentified people with knowledge of the plan. Currently, Chinese insurers are limited to a 5 percent direct investment in equities and are banned from buying stocks that have more than doubled in the previous 12 months, it said. Elsewhere, Shanghai International Airport Co, operator of China's second-busiest airfield, retreated 0.61 yuan, or 2.1 percent, to 27.99 yuan. The company said it plans to sell 2.5 billion yuan of domestic bonds to fund airport expansion. The 10-year bonds will have an annual coupon of 4.1 percent to 4.35 percent, the Shanghai-based company said in a statement to the city's stock exchange today. (For more biz stories, please visit Industries)
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