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Shanghai market rebounds after big loss yesterday
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SHANGHAI stocks rallied this morning after posting the biggest drop in nine months yesterday as property developers and financial counters advanced on hopes the government will take measures to stimulate the economy.
The benchmark Shanghai Composite Index rose 0.31 percent, or 6.24 points, to 2,005.31. Turnover was 42.7 billion yuan (US$7 billion) by midday.
Data released yesterday by the central bank showed that Chinese banks issued fewer loans than expected in February. New loans totaled 644.5 billion yuan, less than half of a four-year high of 1.32 trillion yuan seen in January.
Analysts attributed weak lending to poor demand and expected the government to ease its monetary policy as the Chinese economy is losing momentum.
“Although new lending was less than expected in February, total lending in the past two months was more than that of the same period last year. We believe the government is easing control over credit supply in view of slowing economy and falling prices,” Gaohua Securities Co Ltd said in a note.
Nomura Holdings Inc expects the government will loosen monetary policy significantly through 50-basis-point cut in reserve requirement ratio in the second quarter and another 50-basis-point cut in the third quarter.
Poly Real Estate, China’s second-largest homebuilder, increased 4.1 percent to 6.85 yuan. Gemdale Corporation gained 2.9 percent to 6.44 yuan.
Sinolink Securities Co Ltd rose 3.6 percent to 22.87 yuan. Haitong Securities added 1.2 percent to 9.02 yuan.
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