Gains by finance firms provide tonic to shares
Print Edition
SHANGHAI stocks rallied the most in a week yesterday as financial shares gained on hopes the central bank will ease monetary policy after Chinese banks lent less than expected in December.
The Shanghai Composite Index surged 3.54 percent to 3,336.45 points.
New yuan loans totaled 697.3 billion yuan (US$112.7 billion) in December, below market hopes for 852.7 billion yuan according to a Reuters poll.
“Today’s move was because of perceived weak monetary supply data, and the market is betting on further easing,” said Hao Hong, managing director of China research at BoCom International Holdings Co in Hong Kong.
The Industrial and Commercial Bank of China surged 4.09 percent to 5.09 yuan. China Life Insurance Co jumped 9.9 percent to 36.19 yuan. China CITIC Securities rose 2.17 percent to 33.37 yuan.
China Railway Construction Corp gained 5.4 percent on optimism it will win a Mexican railway bid.
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