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Shanghai index jumps as worries about tightening ease
By Feng Jianmin |
July 4, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in six days, on speculation that China's tight monetary policies may be eased after China's Vice Premier said that financial institutions should serve the economic development.
The benchmark Shanghai Composite Index rose 1.94 percent in the morning session to 2,812.82 points. Turnover rose to more than 40 percent from last Friday to 145.5 billion yuan (US$22.5 billion).
Vice Premier Wang Qishan urged the country's lenders to increase financing to small businesses in order to ease fundraising difficulties amid the country's current policies of monetary tightening during a two-day inspection tour in Shijiazhuang, capital of north China's Hebei Province.
He said that the current domestic and overseas situations are extremely complicated and uncertain, and "it is very difficult to handle the relationship between economic development, economic restructuring and checking inflation."
Nomura Holdings said in a report that China stocks will offer "buying opportunities" in the second half as valuations have already factored in monetary policy tightening and "less aggressive" interest-rate increases, a slowdown in consumer price inflation, more fiscal stimulus and increased efforts to boost investment, Bloomberg News reported today.
Commodity producers and car makers led the gainers.
Gold miners surged despite bullion price fell 1.3 percent last Friday in New York. A report by CITIC Securities said that gold bullion price will continue to be weak in a short term on a stronger US dollar, but demand for gold in China will support gold prices on concern over low interest rates and sour loans.
Zijin Mining Group Co jumped by the daily limit of 10 percent to 5.28 yuan. Shandong Gold Mining Co added 3.1 percent to 46.89 yuan.
Non-ferrous metal producers were also strong after copper prices recovered to a two-month high in London after concerns over Greek debt crisis eased. Jiangxi Copper Co climbed 3.9 percent to 36.97 yuan.
Auto consumption may rise in the July-to-December period as liquidity shortage is expected to ease, boosting consumer demand for mid- and high-end passenger cars, the Xinhua News Agency said, citing Dong Yang, deputy head of China Association of Automobile Manufacturers. SAIC Motor Co advanced 3.1 percent to 19.20 yuan. Tianjin Faw Xiali Automobile Co hiked 10 percent to 7.73 yuan.
The benchmark Shanghai Composite Index rose 1.94 percent in the morning session to 2,812.82 points. Turnover rose to more than 40 percent from last Friday to 145.5 billion yuan (US$22.5 billion).
Vice Premier Wang Qishan urged the country's lenders to increase financing to small businesses in order to ease fundraising difficulties amid the country's current policies of monetary tightening during a two-day inspection tour in Shijiazhuang, capital of north China's Hebei Province.
He said that the current domestic and overseas situations are extremely complicated and uncertain, and "it is very difficult to handle the relationship between economic development, economic restructuring and checking inflation."
Nomura Holdings said in a report that China stocks will offer "buying opportunities" in the second half as valuations have already factored in monetary policy tightening and "less aggressive" interest-rate increases, a slowdown in consumer price inflation, more fiscal stimulus and increased efforts to boost investment, Bloomberg News reported today.
Commodity producers and car makers led the gainers.
Gold miners surged despite bullion price fell 1.3 percent last Friday in New York. A report by CITIC Securities said that gold bullion price will continue to be weak in a short term on a stronger US dollar, but demand for gold in China will support gold prices on concern over low interest rates and sour loans.
Zijin Mining Group Co jumped by the daily limit of 10 percent to 5.28 yuan. Shandong Gold Mining Co added 3.1 percent to 46.89 yuan.
Non-ferrous metal producers were also strong after copper prices recovered to a two-month high in London after concerns over Greek debt crisis eased. Jiangxi Copper Co climbed 3.9 percent to 36.97 yuan.
Auto consumption may rise in the July-to-December period as liquidity shortage is expected to ease, boosting consumer demand for mid- and high-end passenger cars, the Xinhua News Agency said, citing Dong Yang, deputy head of China Association of Automobile Manufacturers. SAIC Motor Co advanced 3.1 percent to 19.20 yuan. Tianjin Faw Xiali Automobile Co hiked 10 percent to 7.73 yuan.
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