Shares up on firm credit data
Print Edition
SHANGHAI stocks rose by the most in more than three months yesterday as investor confidence was buoyed by strong credit data that pointed to recovering demand in the real economy.
The Shanghai Composite Index rose 3.3 percent to 2,836.57 points, the biggest daily advance since November 4.
Energy stocks surged after oil prices jumped. PetroChina Co rose 2.4 percent to 7.35 yuan (US41.13), and China Petroleum & Chemical Corp gained 2.6 percent to 4.41 yuan.
Data from the People’s Bank of China yesterday showed that Chinese banks lent 2.51 trillion yuan of new yuan loans in January, up 71 percent from a year earlier. The lending also rose sharply from the 597.8 billion yuan recorded in December.
M2, a broad measure of money supply, surged 14 percent year on year in January, accelerating from the 13.3 percent rise in December as the central bank injected more liquidity ahead of the weeklong Spring Festival holiday.
“January’s loan data indicated that financing demand is improving, partly driven by government-backed projects that started construction at the beginning of the year,” said Yang Weixiao, analyst at Founder Securities.
Investors were also buoyed by Premier Li Keqiang’s upbeat comments.
“As high savings rate provides much room for maneuver, China’s economy still has great potential,” Li said during a State Council meeting. “Once the economic growth shows signs of slipping below the reasonable range, we will take decisive moves when needed.”
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