Positive economic data give shares a lift
Print Edition
SHANGHAI stocks edged up yesterday after sentiment rose following growth in industrial output and retail sales while new bank lending beat estimates last month.
The Shanghai Composite Index added 0.9 percent to 2,070.72 points. For the week, the benchmark gained 2 percent.
China’s industrial output rose 8.8 percent in May from a year earlier and retail sales jumped 12.5 percent, the National Bureau of Statistics said.
China’s new bank loans rose to 870.8 billion (US$140 billion) yuan last month, from 774.7 billion yuan in April and above market consensus of 750 billion, the People’s Bank of China’s said in a statement after the market closed on Thursday.
“May saw growth in total social financing stabilizing while bank lending increased,” Zhu Haibin, China chief economist at JPMorgain, said yesterday.
“Along with the authorities’ efforts to tighten shadow banking activities, there has been a notable shift away from non-bank financing back to bank loans in recent months.”
He expects another two reserve requirement ratio cuts in the second half of this year.
The Industrial and Commercial Bank of China rose 0.8 percent to 3.74 yuan. The Bank of Communications added 1 percent to 3.88 yuan. Shanghai Pudong Development Bank gained 2 percent to 9.73 yuan.
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