Index may rise on hopes of easing move
By Jin Jing |
April 16, 2012, Monday
|
Print Edition
Print Edition
SHANGHAI stocks may rise this week on continued speculation that China will ease its monetary measures after it posted the slowest quarterly growth in gross domestic product in three years while a recent announcement of a wider trading band for the yuan may improve the currency's flexibility.
The Shanghai Composite Index gained 2.28 percent last week to close at 2,359.16 points, the second weekly gain. The economic data showing that China's GDP grew at 8.1 percent in the first quarter, the slowest pace in three years, gave more hopes to investors of a possible easing in monetary policies.
Zhou Yu, an analyst at Pacific Securities, expects the index to move between 2,300 and 2,450 points this week. He suggested investors look at brokerages.
Qian Qimin, an analyst at Shenyin Wanguo Securities, predicted the index to hover between 2,280 and 2,380 points.
On Saturday, China said it would double the yuan's trading band within 1 percent on either side of the official central parity rate from today. Observers said the move will improve the currency's flexibility.
The Shanghai Composite Index gained 2.28 percent last week to close at 2,359.16 points, the second weekly gain. The economic data showing that China's GDP grew at 8.1 percent in the first quarter, the slowest pace in three years, gave more hopes to investors of a possible easing in monetary policies.
Zhou Yu, an analyst at Pacific Securities, expects the index to move between 2,300 and 2,450 points this week. He suggested investors look at brokerages.
Qian Qimin, an analyst at Shenyin Wanguo Securities, predicted the index to hover between 2,280 and 2,380 points.
On Saturday, China said it would double the yuan's trading band within 1 percent on either side of the official central parity rate from today. Observers said the move will improve the currency's flexibility.
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