China B-shares end morning firmer; little impact from banks reserve hike |
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Tue, 31 Jul 2007 05:22
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SHANGHAI (XFN-ASIA) - China B-shares ended the morning slightly higher as investors regarded the latest monetary tightening policy through a hike in banks' reserve requirement as having a generally mild and limited impact on the market.The central bank announced late yesterday a hike in its reserve requirement ratio for banks by 50 basis points, citing a need to curb rapid credit growth and cool an overheating economy.Banks fell in initial reaction to the announcement, but recovered slightly before the session ended.The Shanghai B-share Index rose 3.25 points to 320.81 and the Shenzhen B-share Index was up 6.17 points at 780.53.The FTSE/Xinhua China B 35 Index rose 24.77 points to 11,166.43.The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, ended the session up 3.32 points or 0.07 pct at 4,444.09.(1 usd = 7.56 yuan)lilian.wu@xfn.comlw/net-xfnlw/xfnntCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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China A-shares end morning firmer; banks rebound from impact of reserve hike 