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Stocks rise to highest level since December
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SHANGHAI stocks climbed above 2,200 points today for the first time since December as better-than-expected macroeconomic data and easing credit policy sparked speculation of a market rally.
The benchmark Shanghai Composite Index rose 0.93 percent to 2,201.56 points. Turnover was 132.4 billion yuan (US$21.4 billion). The index climbed 7.3 percent in July, the biggest monthly gain since December 2012.
Property developers and the financial sector pushed the index higher after more cities eased home purchasing restrictions.
Shenzhen Overseas Chinese Town Co gained 4.13 percent to 5.55 yuan. China Vanke Co added 9.9 yuan.
"We're still comfortable with the view that the government will maintain a loose policy in the third quarter to manage credit risk and achieve the annual GDP growth target of 7.5 percent," Nomura Securities wrote in a research note.
Metal producers were also among the gainers. Jianxin Mining Co surged the daily limit of 10 percent to 7.28 yuan. Tibet Summit Industry Co advanced 3.48 percent to 12.50 yuan.
Industrial Securities added 3.05 percent to 10.81 yuan. Changjiang Securities rose 2.66 percent 6.18 yuan.
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