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Shanghai exchange firmer on possible monetary easing
By Lydia Chen |
October 26, 2011, Wednesday
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Online Edition
Online Edition
THE Shanghai stock exchange rose for a third day today after Chinese Premier Wen Jiabao's pledge to fine-tune the country's economic policy spurred talks that monetary policy could ease in the near term.
The Shanghai Composite Index added 0.74 percent to 2,427.48. Turnover also expanded to nearly 98.6 billion yuan (US$15.53 billion) from yesterday's 83.6 billion yuan.
The three-day gaining streak came after Wen said during a recent visit to Tianjin that officials would make adjustments at a "suitable time and by an appropriate degree" and would maintain "reasonable" growth in money supply. It is the first time he has indicated that a minor change to the country's anti-inflation tightening might be possible.
However, the government would continue to make tackling inflation a top priority, Wen stressed.
Media and entertainment-related plays were the strongest performers in the market today after the Chinese Communist Party Central Committee aimed to promote the cultural sector as one of the country's pillar industries, according to a communique from its October 15-18 meeting released overnight by the official Xinhua news agency today.
Chinese Universe Publishing and Media Co jumped the daily cap of 10 percent to 16.5 yuan
China Vanke, the country's largest developer, advanced 3.51 percent to 7.66 yuan as Guotai Junan said China might lower the reserve-requirement ratio for small-and medium-sized banks by the end of this year and cut interest rates in the second quarter next year in response to Wen's comments.
China needs more policies to support small companies and boost the economy to overcome the global economic crisis, according to Wen. The government should reinforce price controls and surveillance, and ensure food supply, he said.
China's top banking regulator has already ordered commercial banks to increase their loan supports to micro-and small enterprises.
"This is a real action to realize easing tightening in certain areas," China International Capital Corp said in a note today. "The move will soon be reflected in stock prices as investors' anticipation for the government's macro policy has changed," it added.
China's inflation eased to 6.1 percent in September from a three-year high of 6.5 percent in July. The economy grew 9.1 percent in the third quarter, the least in nine quarters.
The Shanghai Composite Index added 0.74 percent to 2,427.48. Turnover also expanded to nearly 98.6 billion yuan (US$15.53 billion) from yesterday's 83.6 billion yuan.
The three-day gaining streak came after Wen said during a recent visit to Tianjin that officials would make adjustments at a "suitable time and by an appropriate degree" and would maintain "reasonable" growth in money supply. It is the first time he has indicated that a minor change to the country's anti-inflation tightening might be possible.
However, the government would continue to make tackling inflation a top priority, Wen stressed.
Media and entertainment-related plays were the strongest performers in the market today after the Chinese Communist Party Central Committee aimed to promote the cultural sector as one of the country's pillar industries, according to a communique from its October 15-18 meeting released overnight by the official Xinhua news agency today.
Chinese Universe Publishing and Media Co jumped the daily cap of 10 percent to 16.5 yuan
China Vanke, the country's largest developer, advanced 3.51 percent to 7.66 yuan as Guotai Junan said China might lower the reserve-requirement ratio for small-and medium-sized banks by the end of this year and cut interest rates in the second quarter next year in response to Wen's comments.
China needs more policies to support small companies and boost the economy to overcome the global economic crisis, according to Wen. The government should reinforce price controls and surveillance, and ensure food supply, he said.
China's top banking regulator has already ordered commercial banks to increase their loan supports to micro-and small enterprises.
"This is a real action to realize easing tightening in certain areas," China International Capital Corp said in a note today. "The move will soon be reflected in stock prices as investors' anticipation for the government's macro policy has changed," it added.
China's inflation eased to 6.1 percent in September from a three-year high of 6.5 percent in July. The economy grew 9.1 percent in the third quarter, the least in nine quarters.
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