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Shares jump on hope of stimulus policy
By Ye Zhen |
July 11, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks gained the most in nearly seven months with soaring turnover, as cyclical stocks surged on expectations that the central government may take measures to stimulate the economy. Commodity suppliers advanced after the US Federal Reserve Chairman Ben Bernanke reiterated the need for accommodative policy.
The key Shanghai Composite Index jumped 64.87 points, or 3.2 percent, to 2,072.99, the biggest single-day advance since December 14 when the barometer gained 4.3 percent. Shares worth of 131 billion yuan (US$21.5 billion) were traded during the day, nearly double an average daily turnover of 78.2 billion yuan in June.
The market rallied amid talks that the central government may introduce mild stimulus measures to revitalize the economy after Premier Li Keqiang affirmed the need to stabilize growth while pushing for economic restructuring, adding that China's macroeconomic control is aimed at maintaining economic growth and employment above the bottom line.
"The tone of Li's speech suggested that the government's policy stance may soften in the second half of the year," Zhang Zhiwei, chief China economist at Nomura Holdings Inc, said in a note today.
"The words indicated Li is feeling under more pressure as the economic data continue to weaken and the risks that China may not be able to achieve its 7.5 percent growth target for 2013 rise," Zhang said.
Cyclical industries, whose performance is tied to overall economy, advanced, led by cement producers, coal miners and electricity suppliers.
Gold stocks climbed among commodities as gold prices hit a two-week high after Bernanke said the Fed might maintain its highly accommodative monetary policy for the foreseeable future.
Zijin Mining Group Co, the nation's biggest gold producer, increased 2.7 percent to 2.64 yuan. Shandong Gold Mining Co leaped 6.6 percent to 23.36 yuan. Zhongjin Gold Corp rose 6 percent to 9.89 yuan.
Lenders gained after the Shanghai Securities News reported that China's four biggest banks extended 170 billion yuan in new loans in the first week of July, compared with 270 billion yuan for the whole month of June.
Industrial and Commercial Bank of China Ltd, the nation's largest lender, rose 1.3 percent to 3.98 yuan. Agricultural Bank of China gained 2.4 percent to 2.57 yuan.
Property developers surged amid speculation that the government may soon relax refinancing restrictions for homebuilders. Poly Real Estate, China's second-largest developer jumped 6.1 percent to 11.32 yuan. Gemdale Corp rose 5 percent to 7.56 yuan.
The key Shanghai Composite Index jumped 64.87 points, or 3.2 percent, to 2,072.99, the biggest single-day advance since December 14 when the barometer gained 4.3 percent. Shares worth of 131 billion yuan (US$21.5 billion) were traded during the day, nearly double an average daily turnover of 78.2 billion yuan in June.
The market rallied amid talks that the central government may introduce mild stimulus measures to revitalize the economy after Premier Li Keqiang affirmed the need to stabilize growth while pushing for economic restructuring, adding that China's macroeconomic control is aimed at maintaining economic growth and employment above the bottom line.
"The tone of Li's speech suggested that the government's policy stance may soften in the second half of the year," Zhang Zhiwei, chief China economist at Nomura Holdings Inc, said in a note today.
"The words indicated Li is feeling under more pressure as the economic data continue to weaken and the risks that China may not be able to achieve its 7.5 percent growth target for 2013 rise," Zhang said.
Cyclical industries, whose performance is tied to overall economy, advanced, led by cement producers, coal miners and electricity suppliers.
Gold stocks climbed among commodities as gold prices hit a two-week high after Bernanke said the Fed might maintain its highly accommodative monetary policy for the foreseeable future.
Zijin Mining Group Co, the nation's biggest gold producer, increased 2.7 percent to 2.64 yuan. Shandong Gold Mining Co leaped 6.6 percent to 23.36 yuan. Zhongjin Gold Corp rose 6 percent to 9.89 yuan.
Lenders gained after the Shanghai Securities News reported that China's four biggest banks extended 170 billion yuan in new loans in the first week of July, compared with 270 billion yuan for the whole month of June.
Industrial and Commercial Bank of China Ltd, the nation's largest lender, rose 1.3 percent to 3.98 yuan. Agricultural Bank of China gained 2.4 percent to 2.57 yuan.
Property developers surged amid speculation that the government may soon relax refinancing restrictions for homebuilders. Poly Real Estate, China's second-largest developer jumped 6.1 percent to 11.32 yuan. Gemdale Corp rose 5 percent to 7.56 yuan.
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