Local index climbs as lenders loan more cash
Print Edition
SHANGHAI stocks advanced for a third straight session yesterday after data showed Chinese banks issued more loans than anticipated last month.
The benchmark Shanghai Composite Index added 0.18 percent, or 3.71 points, to close at 2,070.36.
Chinese banks surpassed market expectations by extending 1.08 trillion yuan (US$174.2 billion) of new yuan loans in June, up from 870.8 billion in May, the People’s Bank of China said yesterday.
M2, a broad measure of money supply, rose 14.7 percent year on year last month, the highest in 10 months, data showed.
“Higher-than-expected lending is a result of policy easing by the government and is helpful to short-term growth,” analysts at Gaohua Securities said.
Mini stimulus measures included targeted monetary easing and more fiscal spending.
Yesterday’s gains were held back by upcoming initial public offerings, which may divert funds from existing shares. The China Securities Regulatory Commission said late on Monday that it has approved 12 IPOs — six on both the Shanghai and Shenzhen exchanges.
State-owned medical distributor China Meheco jumped 5 percent to 11.96 yuan after it was selected yesterday as a pilot company for reform.
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