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Shanghai index rises on speculation monetary policy will be loosened
By Ye Zhen |
July 3, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly higher today amid rising PMI data in the service industry and speculation the government may loosen monetary policy this month.
The Shanghai Composite Index added 0.14 percent to close at 2,229.19 points. Turnover was 60.4 billion yuan (US$9.6 billion).
China's Service PMI rose to a three-month high of 56.7 in June from 55.2 in May, China Federation of Logistics and Purchasing reported today. A reading of 50 or higher generally indicates that activity is expanding.
"The sub-index of new orders reached a record level this year, indicating steady momentum in the non-manufacturing sector," said Cai Jin, vice-chairman of the federation.
The People's Bank of China, China's central bank today released 105 billion yuan through a 14-day reverse bond repurchase agreement and 38 billion yuan through a seven-day reverse repurchase agreement.
Sheng Hongqing, chief macro-economic analyst at Everbright Bank, expects the central bank to cut both the benchmark interest rate and the reserve requirement ratio for lenders after the release of economic data for June.
Poly Real Estate gained among developers, jumping 3.2 percent to 11.97 yuan, as the prices of new homes in China's 100 major cities rose for the first time in 10 months. China Vanke, the nation's biggest developer, added 1.6 percent to 9.12 yuan. Gemdale Corporation rose 2.3 percent to 6.80 yuan.
New loans issued by China's four biggest lenders - Industrial and Commercial Bank of China, China Construction Bank Corp, Bank of China and Agricultural Bank of China - fell to below 190 billion yuan in June from May's 250 billion yuan, the 21st Century Business Herald reported today. The figure was far below expectations of more than 1 trillion yuan.
"Although the government in May has approved projects worth more than 1 trillion yuan, it will take some time for it to have an effect on bank loans," said a credit department chief at a state-owned bank.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.5 percent to close at 3.92 yuan. Agricultural Bank of China fell 0.4 percent to 2.57 yuan.
The Shanghai Composite Index added 0.14 percent to close at 2,229.19 points. Turnover was 60.4 billion yuan (US$9.6 billion).
China's Service PMI rose to a three-month high of 56.7 in June from 55.2 in May, China Federation of Logistics and Purchasing reported today. A reading of 50 or higher generally indicates that activity is expanding.
"The sub-index of new orders reached a record level this year, indicating steady momentum in the non-manufacturing sector," said Cai Jin, vice-chairman of the federation.
The People's Bank of China, China's central bank today released 105 billion yuan through a 14-day reverse bond repurchase agreement and 38 billion yuan through a seven-day reverse repurchase agreement.
Sheng Hongqing, chief macro-economic analyst at Everbright Bank, expects the central bank to cut both the benchmark interest rate and the reserve requirement ratio for lenders after the release of economic data for June.
Poly Real Estate gained among developers, jumping 3.2 percent to 11.97 yuan, as the prices of new homes in China's 100 major cities rose for the first time in 10 months. China Vanke, the nation's biggest developer, added 1.6 percent to 9.12 yuan. Gemdale Corporation rose 2.3 percent to 6.80 yuan.
New loans issued by China's four biggest lenders - Industrial and Commercial Bank of China, China Construction Bank Corp, Bank of China and Agricultural Bank of China - fell to below 190 billion yuan in June from May's 250 billion yuan, the 21st Century Business Herald reported today. The figure was far below expectations of more than 1 trillion yuan.
"Although the government in May has approved projects worth more than 1 trillion yuan, it will take some time for it to have an effect on bank loans," said a credit department chief at a state-owned bank.
Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.5 percent to close at 3.92 yuan. Agricultural Bank of China fell 0.4 percent to 2.57 yuan.
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