Related News
Stimulus hopes pull index up for 1st time in 4 days
By Ye Zhen |
September 4, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday rose for the first time in four days on speculation China and the United States may soon accelerate measures to spur their economies.
The Shanghai Composite Index added 0.57 percent to 2,059.15 points.
Federal Reserve Chairman Ben S. Bernanke said on Friday the Fed is ready to act to boost the US economy, sending a strong signal for another round of monetary easing.
Meanwhile, a further contraction in China's manufacturing sector also fueled hopes the People's Bank of China will unveil extra stimulus measures.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward private and export-oriented firms, fell to 47.6 in August, the lowest in 41 months, down from July's reading of 49.3, HSBC Holdings Plc said yesterday. A reading below 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said there is enough leeway to ease policies. He expects another interest rate cut by the end of this year and perhaps a 200-basis-point trim in bank reserve requirement ratio this year.
Gold stocks in Shanghai jumped after the gold price surged almost to a five-month high on stimulus hopes.
Zijin Mining Group Co, China's largest gold producer, rose 2.2 percent to 3.76 yuan (59 US cents) and Shandong Gold Mining Co jumped 6.9 percent to 35.83 yuan.
Property developers gained after SouFun Holdings Ltd, the country's biggest real estate website owner, said China's home prices rose 0.24 percent in August from a month earlier to 8,738 yuan a square meter.
Poly Real Estate, the country's second-largest listed developer, jumped 7.7 percent to 10.13 yuan, and Gemdale Corp increased 4.2 percent to close at 5.23 yuan.
The Shanghai Composite Index added 0.57 percent to 2,059.15 points.
Federal Reserve Chairman Ben S. Bernanke said on Friday the Fed is ready to act to boost the US economy, sending a strong signal for another round of monetary easing.
Meanwhile, a further contraction in China's manufacturing sector also fueled hopes the People's Bank of China will unveil extra stimulus measures.
HSBC's China Purchasing Managers' Index, a gauge of manufacturing activity slanted more toward private and export-oriented firms, fell to 47.6 in August, the lowest in 41 months, down from July's reading of 49.3, HSBC Holdings Plc said yesterday. A reading below 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said there is enough leeway to ease policies. He expects another interest rate cut by the end of this year and perhaps a 200-basis-point trim in bank reserve requirement ratio this year.
Gold stocks in Shanghai jumped after the gold price surged almost to a five-month high on stimulus hopes.
Zijin Mining Group Co, China's largest gold producer, rose 2.2 percent to 3.76 yuan (59 US cents) and Shandong Gold Mining Co jumped 6.9 percent to 35.83 yuan.
Property developers gained after SouFun Holdings Ltd, the country's biggest real estate website owner, said China's home prices rose 0.24 percent in August from a month earlier to 8,738 yuan a square meter.
Poly Real Estate, the country's second-largest listed developer, jumped 7.7 percent to 10.13 yuan, and Gemdale Corp increased 4.2 percent to close at 5.23 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
