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Shanghai shares edge higher on policy easing expectations
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SHANGHAI stocks gained in the morning session amid expectation for policy easing after Chinese Premier Li Keqiang talked about timely policy fine-tuning to shore up economic growth.
The benchmark Shanghai Composite Index inched up 0.36 percent to 2,041.94 points before the noon break.
The premier said on Friday that China’s economy still faces downward pressure. “We should use policy tools appropriately. Timely and proper (policy) fine-tuning can ease the financial strain of real economy, especially that of small enterprises suffering high borrowing costs,” he said while visiting the Inner Mongolia Autonomous Region.
His remarks indicate the government will not stick to policy tightening and is likely to ease its monetary policy, Guotai Jun’an Securities said in a note today.
“We are more certain that the nation’s economic outlook will be stable,” the brokerage said.
Economists at Goldman Sachs Group Inc and Nomura Holdings Inc said that Li’s remarks signaled loosening of monetary policy.
Automobile stocks rallied this morning after Chinese President Xi Jinping stressed the development of electric cars and more investment in manufacturing during his visit in Shanghai on Friday. SAIC Motor Corp rose 0.7 percent to 14.77 yuan. Dongfeng Automobile Co climbed 1.7 percent to 3.05 yuan.
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