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Investors cheer robust economic figures
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Shanghai stocks yesterday rose for a fourth straight day as recent economic data gave investors reason to cheer.
The benchmark Shanghai Composite Index edged up 0.15 percent to 2,241.27 points. Turnover at 195.4 billion yuan (US$32 billion) was the highest in nearly three years.
Investors took comfort from data released on Tuesday that showed total social financing, the broadest measure of credit supply including loans, bank acceptance bills, corporate bonds and equity financing, totaled 1.57 trillion yuan in August, more than double July’s 750.4 billion yuan.
“The significant rebound in financing indicated that companies are willing to invest as business sentiment has improved due to a brighter economic outlook,” China Merchants Securities said in a report.
Other stronger-than-expected data, including retail sales, industrial output and trade, signaled an upturn in the world’s second-largest economy, boosting investors’ confidence.
China Shipbuilding Industry Co, a key supplier to the People’s Liberation Army, led gainers when its shares increased by the daily limit of 10 percent to 4.91 yuan after announcing a plan to raise up to 8.48 billion yuan through a private placement.
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