IMF outlook cheers investors
By Hu Xiaocen |
April 19, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks jumped the most in more than two months yesterday as the International Monetary Fund's estimate of a faster global economic growth cheered investors who also hoped China will ease monetary policy to bolster the economy.
The Shanghai Composite Index surged 1.96 percent to end at 2,380.85 points, the biggest gain since February 8.
The IMF raised its outlook for world economic growth to 3.5 percent for 2012, up 0.2 percentage point from its forecast in January.
"With the passing of the euro crisis and good news about the US economy, some optimism has returned," said Olivier Blanchard, the IMF's chief economist.
Sun Jianbo, chief analyst at China Galaxy Securities, said China's central bank may lower the reserve requirement for commercial banks to bolster the economy as soon as inflationary pressure wanes and also to ease the liquidity crunch.
The expectations for improving liquidity renewed after data were published by the Ministry of Commerce on Tuesday.
Brokerages rallied after Guo Shuqing, chairman of the China Securities Regulatory Commission, pledged to build a multi-level capital market by promoting the over-the-counter market.
CITIC Securities Co surged 4.8 percent to 13.39 yuan (US$2.12) and Haitong Securities Co rose 4.3 percent to 10.31 yuan yesterday.
The Shanghai Composite Index surged 1.96 percent to end at 2,380.85 points, the biggest gain since February 8.
The IMF raised its outlook for world economic growth to 3.5 percent for 2012, up 0.2 percentage point from its forecast in January.
"With the passing of the euro crisis and good news about the US economy, some optimism has returned," said Olivier Blanchard, the IMF's chief economist.
Sun Jianbo, chief analyst at China Galaxy Securities, said China's central bank may lower the reserve requirement for commercial banks to bolster the economy as soon as inflationary pressure wanes and also to ease the liquidity crunch.
The expectations for improving liquidity renewed after data were published by the Ministry of Commerce on Tuesday.
Brokerages rallied after Guo Shuqing, chairman of the China Securities Regulatory Commission, pledged to build a multi-level capital market by promoting the over-the-counter market.
CITIC Securities Co surged 4.8 percent to 13.39 yuan (US$2.12) and Haitong Securities Co rose 4.3 percent to 10.31 yuan yesterday.
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