Hopes of easing in measures lift index
By Lu Nengneng |
April 11, 2012, Wednesday
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Print Edition
Print Edition
SHANGHAI'S key stock index edged up in late trade yesterday amid investor hopes of an easing in monetary measures, which also gave a boost to financial and property counters.
The Shanghai Composite Index regained ground lost in the morning trade, closing 0.88 percent higher at 2,305.86 points.
Investors speculated that monetary measures may be loosened as the sluggish trade data released by the customs yesterday showed China's exports rose 8.9 percent and imports went up 5.3 percent in March from a year earlier, far below their respective 18.4 percent and 39.6 percent growth in February.
Sun Jianbo, chief strategist at Galaxy Securities, said in a note that the inflation rate may drop below 3 percent in the second quarter, which will allow for more room to fine-tune monetary policies. Inflation in March rose 3.6 percent from a year earlier, exceeding forecasts. That compared with February's 3.2 percent.
Hopeful of another reserve requirement ratio cut, banks rebounded in the afternoon. China Construction Bank gained 1.5 percent to 4.74 yuan (75 US cents), and China CITIC Bank jumped 2.6 percent to 4.30 yuan.
Property developers also gained on hopes monetary policy fine-tuning will ease the pressure on cash flow although government curbs on the housing market will remain. Poly Real Estate rose 3.3 percent to 11.66 yuan.
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