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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.
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