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Market gains on hints of more policy easing
By Ye Zhen |
August 8, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares advanced for a fourth straight day ahead of tomorrow's release of economic data and investors speculated further policy easing to revitalize the nation's economy.
The benchmark Shanghai Composite Index inched up 0.16 percent, or 3.37 points to close at 2,160.99 points. Turnover was 62.3 billion yuan (US$9.7 billion) at the trading close.
Analysts expect China's CPI for July to drop below 2 percent, the lowest level this year, giving policymakers more leeway to ease monetary policy.
Lian Ping, chief economist at Bank of Communications, said July's inflation rate may decelerate to 1.7 percent due to a diminishing carryover effect.
Chen Jian, analyst at Caitong Securities, said the central bank may cut interest rate or bank's reserve requirement ratio as soon as the data shows the July CPI is within its expectation.
Coal producers led the market gains after inventories shrank for the first time this year. Qinghai Sunshiny Mining Co rose 2.1 percent to finish at 5.35 yuan. Shanxi Lanhua Sci-Tech Venture Co gained 0.4 percent to 20.71 yuan.
Brokerages rose after China Securities Finance Corp enlarged its lending capacity for brokerages to 12 billion yuan. Citic Securities, the biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.3 percent to 9.84 yuan.
Lenders advanced after Haitong Securities said the first-half net profits of listed lenders may increase as much as 30 percent. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 1.1 percent to 3.78 yuan. Bank of Communications added 0.9 percent to 4.40 yuan.
The benchmark Shanghai Composite Index inched up 0.16 percent, or 3.37 points to close at 2,160.99 points. Turnover was 62.3 billion yuan (US$9.7 billion) at the trading close.
Analysts expect China's CPI for July to drop below 2 percent, the lowest level this year, giving policymakers more leeway to ease monetary policy.
Lian Ping, chief economist at Bank of Communications, said July's inflation rate may decelerate to 1.7 percent due to a diminishing carryover effect.
Chen Jian, analyst at Caitong Securities, said the central bank may cut interest rate or bank's reserve requirement ratio as soon as the data shows the July CPI is within its expectation.
Coal producers led the market gains after inventories shrank for the first time this year. Qinghai Sunshiny Mining Co rose 2.1 percent to finish at 5.35 yuan. Shanxi Lanhua Sci-Tech Venture Co gained 0.4 percent to 20.71 yuan.
Brokerages rose after China Securities Finance Corp enlarged its lending capacity for brokerages to 12 billion yuan. Citic Securities, the biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.3 percent to 9.84 yuan.
Lenders advanced after Haitong Securities said the first-half net profits of listed lenders may increase as much as 30 percent. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, gained 1.1 percent to 3.78 yuan. Bank of Communications added 0.9 percent to 4.40 yuan.
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