Shares rally on hopes of more loans
By Ye Zhen |
March 28, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks rebounded yesterday on hopes Chinese banks will extend more new yuan loans this month, easing fears of tight credit.
The Shanghai Composite Index edged up 0.16 percent to close at 2,301.26 points after falling for two days.
"The market was partly boosted by optimism that Chinese banks will issue more loans in March," Shenyin & Wanguo Securities said yesterday.
China's four largest state-owned lenders - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, and the Bank of China - lent 83.8 billion yuan (US$13.5 billion) in new loans over the past week, the brokerage said.
As of Sunday, the total new lending totaled 228 billion yuan, up from 207 billion yuan in the same period last month. The broker estimated about 850 billion yuan in new loans will be issued by Chinese financial institutions this month, up from 620 billion yuan in February
Meanwhile, citing unnamed sources the International Finance News under the People's Daily yesterday reported that China's securities regulator may restart initial public offerings as soon as April.
Transport stocks gained after the National Development and Reform Commission xissued guidelines on developing multi-modal transport hubs in 42 cities.
Hainan Airlines Co added 1.5 percent to 4.63 yuan. Shanghai Shentong Metro Co advanced 2.4 percent to finish at 6.84 yuan.
The Shanghai Composite Index edged up 0.16 percent to close at 2,301.26 points after falling for two days.
"The market was partly boosted by optimism that Chinese banks will issue more loans in March," Shenyin & Wanguo Securities said yesterday.
China's four largest state-owned lenders - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, and the Bank of China - lent 83.8 billion yuan (US$13.5 billion) in new loans over the past week, the brokerage said.
As of Sunday, the total new lending totaled 228 billion yuan, up from 207 billion yuan in the same period last month. The broker estimated about 850 billion yuan in new loans will be issued by Chinese financial institutions this month, up from 620 billion yuan in February
Meanwhile, citing unnamed sources the International Finance News under the People's Daily yesterday reported that China's securities regulator may restart initial public offerings as soon as April.
Transport stocks gained after the National Development and Reform Commission xissued guidelines on developing multi-modal transport hubs in 42 cities.
Hainan Airlines Co added 1.5 percent to 4.63 yuan. Shanghai Shentong Metro Co advanced 2.4 percent to finish at 6.84 yuan.
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