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Data help shares keep strong run
Print Edition
SHANGHAI stocks’ strong run continued yesterday as investor concerns over an economic slowdown eased after China’s new lending in January surged to the highest in four years.
The Shanghai Composite Index added 0.92 percent to 2,135.42.
Chinese banks extended 1.3 trillion yuan (US$216 billion) of new loans in January, nearly three times December’s 482.5 billion yuan, the People’s Bank of China said on Saturday. The figure was the highest in four years.
Total social financing, a broader measure of credit in the economy, jumped 39.9 billion yuan from a year earlier to a record 2.6 trillion yuan in January, data showed.
“Despite the effects of seasonal factors, the faster-than-expected growth in new credit last month reflected strong demand for capital in a sound economy,” said Shenyin & Wanguo Securities.
Last week, the index posted the biggest weekly advance since September as market liquidity continued to improve. The strong trade data and modest inflation level also lifted confidence in the economy.
Analysts were upbeat about the market performance.
“The positive trend is expected to continue thanks to easing market liquidity, a break in initial public offerings as well as high hopes for a policy stimulus ahead of the annual meeting of the Chinese legislative and consultative bodies in March,” said Zhang Yanbing, analyst with Zheshang Securities Co.
Xi’an Aero-Engine Plc, an aircraft engine producer, surged by the daily limit of 10 percent to 25.93 yuan (US$4.28). Shaanxi Aerospace Power Hi-Tech Co jumped 7.9 percent to 15.84 yuan. China Shipbuilding Industry Co rose 3.5 percent to 5.63 yuan.
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