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Shanghai market up 0.53% as lending soars to 4-year high
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SHANGHAI stocks advanced this morning after data showed China’s new lending in January surged to the highest in four years.
The benchmark Shanghai Composite Index added 0.53 percent, or 11.13 points, to 2,126.98 points. Turnover was 68.3 billion yuan (US$11.2 billion) by the noon break.
Chinese banks extended 1.3 trillion yuan of new loans in January, nearly three times December’s 482.5 billion yuan, the People’s Bank of China said on Saturday.
Total social financing, a broader measure of credit in the economy, rose 39.9 billion yuan from a year earlier to a record 2.6 trillion yuan in January, the data showed.
The robust credit growth helped to ease concerns that the world’s second largest economy is slowing down.
The Shanghai Composite last week posted the biggest weekly advance since September as market liquidity continued to improve after a week-long Spring Festival holiday. The strong trade data and modest inflation level also eased concerns about economic growth.
Heavy manufacturers led the market up. Xi'an Aero-Engine Plc, a manufacture of aircraft engines, surged 9.4 percent to 25.79 yuan. China Spacesat Co Ltd jumped 5 percent to 20.83 yuan.
China Shipbuilding Industry Co Ltd rose 3.1 percent to 5.61 yuan. China CSSC Holdings Ltd advanced 3.2 percent to 23.89 yuan.
Distilleries also gained. Kweichow Moutai Co Ltd climbed 4.7 percent to 149.60 yuan. Kweichow Moutai Co Ltd rose 2.1 percent to 11.73 yuan.
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