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Shanghai index up 0.56% on gains of lenders
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SHANGHAI stocks advanced today as lenders rallied after fresh data showed that more loans were made this month. Cyclical shares, however, declined amid concerns about economic slowdown.
The key Shanghai Composite Index added 0.56 percent, or 11.40 points, to 2,049.91. Turnover was 67.7 billion yuan (US$11.1 billion).
“The stock market stabilized after the central bank pumped 150 billion yuan through reverse repurchase agreements and the first batch of initial public offerings ended,” said Hou Yingmin, analyst with Aijian Securities.
“However, the market is trading in a narrow range as investors are less willing to buy and sell before the week-long Spring Festival holiday,” Hou added.
China big four banks – Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China – extended 430 billion yuan in new loans as of January 26, 10 percent more than the same period of 2013, The Shanghai Securities News reported today.
Lenders were also boosted by bargain hunters as the valuation of banking stocks has fallen to a record low, analysts said.
China Minsheng Banking Corp Ltd rose 2.6 percent to 7.38 yuan. Bank of China Ltd increased 1.6 percent to 2.53 yuan. Agricultural Bank of China Ltd gained 1.3 percent to 2.40 yuan.
Cyclical shares, whose performances relate closely to economic condition, slumped as the HSBC Flash Purchasing Managers’ Index and industrial profit data indicated that the world’s second-largest economy is losing momentum.
Datong Coal Industry Co Ltd slipped 2.6 percent to 4.85 yuan. Yang Quan Coal Industry (Group) Co Ltd shed 1.9 percent to 6.14 yuan.
Shaanxi Coal Industry Co fell 7.5 percent to 4.21 yuan after surging nearly 14 percent yesterday in China’s largest floatation since the IPO market resumed last month.
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