Index up on news of home support
By Hu Xiaocen |
February 9, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday from its biggest drop in three weeks on news that the Chinese central bank would help buyers of first homes and also on expectations of a possible easing in monetary policies.
The Shanghai Composite index jumped 2.43 percent, to close at 2,347.53, the highest level since December 2.
In a statement on its website the People's Bank of China pledged to support the building of affordable homes and to meet the loan demand of first-home buyers.
The news cheered property developers which climbed by 2.81 percent on average. China Vanke, the nation's biggest listed developer, surged 2.85 percent to 7.59 yuan. Poly Real Estate Group jumped 2.86 percent to 10.42 yuan.
Li Bo, an analyst at UBS Securities, is confident the stock market will maintain its rally if the central government moderates its monetary stance especially after the release of an anticipated lower inflation figure.
"Investors expect the government to relax its tight monetary policies after the announcement of an expected low inflation (today), but January's reading may be slightly higher than 4.1 percent from December due to the higher prices during the Spring Festival," Li said in a TV program.
The index was also boosted by non-ferrous metal producers which gained on rising commodity prices, said He Xu, an analyst at Gold State Securities.
Jiangxi Cooper, China's largest producer of the metal, and Tongling Nonferrous Metals, the second-largest smelter, each soared by the 10 percent daily limit to 27.28 yuan and 21.73 yuan respectively.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co rose 8.89 percent to close at 48.51 yuan.
The Shanghai Composite index jumped 2.43 percent, to close at 2,347.53, the highest level since December 2.
In a statement on its website the People's Bank of China pledged to support the building of affordable homes and to meet the loan demand of first-home buyers.
The news cheered property developers which climbed by 2.81 percent on average. China Vanke, the nation's biggest listed developer, surged 2.85 percent to 7.59 yuan. Poly Real Estate Group jumped 2.86 percent to 10.42 yuan.
Li Bo, an analyst at UBS Securities, is confident the stock market will maintain its rally if the central government moderates its monetary stance especially after the release of an anticipated lower inflation figure.
"Investors expect the government to relax its tight monetary policies after the announcement of an expected low inflation (today), but January's reading may be slightly higher than 4.1 percent from December due to the higher prices during the Spring Festival," Li said in a TV program.
The index was also boosted by non-ferrous metal producers which gained on rising commodity prices, said He Xu, an analyst at Gold State Securities.
Jiangxi Cooper, China's largest producer of the metal, and Tongling Nonferrous Metals, the second-largest smelter, each soared by the 10 percent daily limit to 27.28 yuan and 21.73 yuan respectively.
Inner Mongolia Baotou Steel Rare-earth Hi-tech Co rose 8.89 percent to close at 48.51 yuan.
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