Related News
Golden Monday as stocks jump on lending data
By Feng Jianmin |
August 15, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in a month as concerns over more monetary tightening evaporated after China's lending figures for July came in well below expectations.
The benchmark Shanghai Composite Index jumped 1.3 percent to 2,626.77 points. Turnover was 91.9 billion yuan (US$14.4 billion).
China's central bank said after the market closed last Friday that new yuan loans had fallen to 492.6 billion yuan (US$77 billion) in July, down 25.2 billion yuan from a year ago.
The figures were well below the 550 billion yuan economists' forecast in a Reuters poll. They were also far less that June's 633.9 billion yuan in credit extension.
Analysts said the central bank was likely to hold off on interest rate hikes or increasing the reserve requirement ratio in the short term due to uncertainties in the global market.
"Although the monetary policy won't change its direction, the possibility of more tightening is decreasing," a CITIC Securities report said today.
The report said that China's stocks were already past their worst period, as investment in affordable housing would help offset an economic growth slump.
Property developers and banks led the gainers.
Poly Real Estate Co jumped 3 percent to 11.30 yuan. China Merchants Property Development Co rose 2.6 percent to 19.83 yuan.
Everbright Bank Co added 1.3 percent to 3.16 yuan. The bank's 11.2 billion locked shares will be allowed to trade again on Thursday. The Industrial and Commercial Bank of China grew 1 percent to 4.18 yuan.
The benchmark Shanghai Composite Index jumped 1.3 percent to 2,626.77 points. Turnover was 91.9 billion yuan (US$14.4 billion).
China's central bank said after the market closed last Friday that new yuan loans had fallen to 492.6 billion yuan (US$77 billion) in July, down 25.2 billion yuan from a year ago.
The figures were well below the 550 billion yuan economists' forecast in a Reuters poll. They were also far less that June's 633.9 billion yuan in credit extension.
Analysts said the central bank was likely to hold off on interest rate hikes or increasing the reserve requirement ratio in the short term due to uncertainties in the global market.
"Although the monetary policy won't change its direction, the possibility of more tightening is decreasing," a CITIC Securities report said today.
The report said that China's stocks were already past their worst period, as investment in affordable housing would help offset an economic growth slump.
Property developers and banks led the gainers.
Poly Real Estate Co jumped 3 percent to 11.30 yuan. China Merchants Property Development Co rose 2.6 percent to 19.83 yuan.
Everbright Bank Co added 1.3 percent to 3.16 yuan. The bank's 11.2 billion locked shares will be allowed to trade again on Thursday. The Industrial and Commercial Bank of China grew 1 percent to 4.18 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
