Hopes for stimulus spark rise in shares
Print Edition
SHANGHAI stocks yesterday rose for a fifth straight trading day as investors expect the central government to unveil more stimulus as fresh trade data showed a continued weakness in domestic demand.
The Shanghai Composite Index edged up 0.17 percent to 3,293.23 points at the market close.
However, the market gain was capped by mixed trade data. China’s imports fell 17.7 percent, worsening from a 14.3 percent drop in August and adding to signs of poor domestic demand, while exports turned around in September.
“Export growth was better than expected, reflecting some mild improvement in external demand and relatively large swings in exchange rates, while import growth fell more than expected, suggesting a still weak investment demand,” said Nomura in a note.
“Given the dim growth outlook, we expect moderate fiscal stimulus and continued monetary easing, with one 50-basis-point reserve requirement ratio cut in the fourth quarter,” the Japanese investment bank said.
Meanwhile shares related to charging facilities continued rising after China’s State Grid said it would speed up building of charging stations and ensure public charging facilities would be available in 202 cities.
Guodian Nanjing Automation Co and Shanghai Potevio Co both surged by the 10 percent daily limit.
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