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Shanghai shares advance on surge of new loans
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SHANGHAI stocks continued a strong run today as concern over economic slowdown eased after data showed China’s new lending in January rose to a four-year high.
The benchmark Shanghai Composite Index added 0.92 percent, or 19.57 points, to 2,135.42. Turnover was 126.2 billion yuan (US$20.7 billion) at the trading close.
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. The figure was the highest in four years.
Total social financing, a broader measure of credit, increased by 39.9 billion yuan year-on-year in January to a record 2.6 trillion yuan, the data showed.
The robust credit growth helped to ease concerns that the world’s second largest economy is cooling down.
“Despite seasonal factors, the faster-than-expected growth in new loans last month reflected strong demand for capital in a sound economy,” said Shenyin & Wanguo Securities.
The Shanghai Composite posted the biggest weekly gain since September last week as market liquidity continued to improve after a week-long Spring Festival holiday. The strong trade data and modest inflation level also added to optimism about the short-term market performance.
“The positive trend is expected to continue thanks to easing market liquidity, a break in initial public offering, and high expectation for policy stimulus ahead of the annual meetings of Chinese legislative and consultative bodies in March,” said Zhang Yanbing, analyst with Zheshang Securities Co Ltd.
Heavy manufacturers led the market up. Xi'an Aero-Engine Plc, a manufacture of aircraft engines, surged by the daily limit of 10 percent to 25.93 yuan. Shaanxi Aerospace Power Hi-Tech Co Ltd jumped 7.9 percent to 15.84 yuan. China Shipbuilding Industry Co Ltd rose 3.5 percent to 5.63 yuan.
Gold shares advanced as gold price continued to surge on US growth fears. Henan Yuguang Gold & Lead Co Ltd gained 5 percent to 10 yuan. Lao Feng Xiang Co Ltd, a Chinese jewelry producer, rose 3.3 percent to 27.89 yuan. Shandong Gold Mining Co Ltd added 2.5 percent to 17.81 yuan.
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