Shares rise as credit data lift sentiment
Print Edition
SHANGHAI stocks closed higher yesterday, with the key index posting its biggest weekly rebound since the market rout in June, after better-than-expected credit data offered some comfort to investors.
The Shanghai Composite Index rose 1.6 percent to 3,391.35 points. The index gained 6.6 percent for the week, the most since the week ended on June 7.
Boosted by expectations for more economic stimulus, market sentiment has improved significantly since trading resumed after the weeklong National Day holiday. The index has increased 11 percent since October 8.
Investor sentiment was also buoyed by Chinese banks issuing a more-than-expected 1.05 trillion yuan in new yuan loans in September.
Shanghai Zhangjiang High-Tech Park Development Co, Shanghai Jinqiao Export Processing Zone Development Co and Shanghai Waigaoqiao Free Trade Zone Group Co all gained by the daily limit of 10 percent.
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