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Shanghai stocks rally after Fed unveils QE3
By Ye Zhen |
September 14, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced today, boosted by commodity-related stocks, after the US Federal Reserve unveiled the long-waited bond buying program to drive economic growth.
The key Shanghai Composite Index rose 0.64 percent, or 13.47 points, to 2,123.85 points with a daily turnover of 76.2 billion yuan (US$12.1 billion). The index shed 0.21 percent this week.
The Federal Reserve yesterday announced it would buy US$40 billion of mortgage securities a month to invigorate the US real estate market and lower the unemployment rate. The package known as the third round of quantitative easing, dubbed QE3, will be open-ended until the economy recovers.
Analysts expect the move to give a boost to China's trade industry. China International Capital Corp said in a report that quantitative easing will offset the pressure of fiscal austerity and stabilize domestic demand in the US. This will benefit China's exports.
Qu Hongbin, chief economist for China at HSBC, said the move will also ease capital outflows from the Chinese market.
Gold stocks rose in Shanghai market as gold price climbed to a six-month high. Zijin Mining Group Co, the nation's largest gold producer, rose 3.3 percent to 4.03 yuan. Shandong Gold Mining Co gained 5.3 percent to 39.68 yuan. Zhongjin Gold Corp advanced 6.7 percent to 16.39 yuan.
Non-ferrous metals producers also rallied. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, gained 2.2 percent to 35.49 yuan. Jiangxi Copper, China's biggest producer of the metal, climbed 3 percent to 23.13 yuan.
The key Shanghai Composite Index rose 0.64 percent, or 13.47 points, to 2,123.85 points with a daily turnover of 76.2 billion yuan (US$12.1 billion). The index shed 0.21 percent this week.
The Federal Reserve yesterday announced it would buy US$40 billion of mortgage securities a month to invigorate the US real estate market and lower the unemployment rate. The package known as the third round of quantitative easing, dubbed QE3, will be open-ended until the economy recovers.
Analysts expect the move to give a boost to China's trade industry. China International Capital Corp said in a report that quantitative easing will offset the pressure of fiscal austerity and stabilize domestic demand in the US. This will benefit China's exports.
Qu Hongbin, chief economist for China at HSBC, said the move will also ease capital outflows from the Chinese market.
Gold stocks rose in Shanghai market as gold price climbed to a six-month high. Zijin Mining Group Co, the nation's largest gold producer, rose 3.3 percent to 4.03 yuan. Shandong Gold Mining Co gained 5.3 percent to 39.68 yuan. Zhongjin Gold Corp advanced 6.7 percent to 16.39 yuan.
Non-ferrous metals producers also rallied. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, gained 2.2 percent to 35.49 yuan. Jiangxi Copper, China's biggest producer of the metal, climbed 3 percent to 23.13 yuan.
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