Shares rise on hopes of monetary easing
Print Edition
SHANGHAI stocks edged up yesterday as expectations gathered that dismal economic data will encourage policy-makers to step up monetary easing to bolster growth.
The Shanghai Composite Index added 0.15 percent to 3,290.9 points.
China’s retail sales, industrial output and fixed-asset investment all grew at surprisingly weaker rates in January and February, according to data released by the National Bureau of Statistics yesterday.
“Core activity data confirm a weakening growth momentum despite stronger-than-expected export growth, reinforcing our view that the current downtrend is a structural issue involving the correction of the property market and overcapacity in manufacturing sectors,” Nomura said in an e-mailed note yesterday.
The Japanese investment bank predicted three 25-basis-point benchmark rate cuts and three 50-basis-point reserve requirement ratio trims in the rest of this year.
Morgan Stanley Research also projected the reserve requirement ratio will be cut in the second quarter. The firm also expected interest rates to be trimmed by 25 basis points.
Ten initial public offerings opened for subscriptions yesterday. Also, IPOs by 23 companies this week are set to freeze about 2.6 trillion yuan (US$415 billion), Minsheng Securities estimated.
Lenders gained on expectations the regulator will allow them to engage in the brokerage business.
The Industrial Bank added 2.25 percent to 14.75 yuan, and the Bank of China rose 2 percent to 4.01 yuan.
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