Shanghai stocks rise after US debt deal
By Feng Jianmin |
August 2, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI stocks yesterday rose for the first time in three days after US lawmakers agreed to raise the nation's borrowing ceiling, but the gains were moderated by concerns that China's central bank will continue a tight monetary policy amid economic slowdown.
The benchmark Shanghai Composite Index edged up 0.1 percent to 2,703.78 points.
US President Barack Obama said on Sunday that leaders of both parties in the House of Representatives and the Senate had approved an agreement to raise the nation's debt ceiling by US$2.1 trillion and cut the federal deficit by as much as US$2.5 trillion over a decade.
Meanwhile, China's central bank said yesterday it is not yet time to loosen monetary policy because of unstable consumer and property prices.
But it will maintain "reasonable" loans and increase financial support for small enterprises, according to a statement on the bank's website.
China's industrial expansion slowed for the fourth consecutive month in July. The official purchasing managers' index fell to 50.7 points from June's 50.9, the lowest in 29 months, according to the China Federation of Logistics and Purchasing.
Zhang Liqun, a researcher with the federation, said China's economic slowdown is modest, stable and in line with the government's goal.
The final reading of the purchasing managers' index released by HSBC and Markit Economics, which focuses on the private sector, was revised upwards to 49.3 yesterday from the preliminary figure of 48.9 published on July 21.
Cao Xuefeng, an analyst with Huaxi Securities, said: "China's stock market rose during the day amid strong performance from overseas markets, but concerns over domestic policies and tight market liquidity are hurting sentiment. The market will remain volatile."
Banks fell after China Business News reported industry experts were questioning the regulator's claim that banks in China could weather the fallout if property prices were to drop 50 percent. A banker said banks could endure a drop of up to 20 percent.
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