Stock index up again on increased bank loans
By Pan Xiaoyi |
November 4, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index extended its gains yesterday, as increased bank lending last month boosted optimism for sustained economic growth.
The benchmark Shanghai Composite Index gained 1.22 percent, or 37.58 points, to close at 3,114.23. Turnover rose to 170 billion yuan (US$25 billion) from 154.9 billion yuan on Monday.
The official China Securities Journal reported that China's top four state-owned commercial banks extended about 136 billion yuan in new loans in October, up 23 percent from a month earlier.
"The growth in new loans seemed to suggest the state-owned banks were more inclined to hand out loans, which is sure to lift market confidence," Nanjing Securities Co wrote in a research note. "Particularly, last month's figure was based on fewer working days as the eight-day National Day break occurred in the month."
Some news reports state new bank lending in China may hit 300 billion to 400 billion yuan in October, in line with market expectations.
Gold miners led the gainers after the bullion price rose on expectation of a weaker US dollar. Shandong Gold Mining Co jumped 2.8 percent to 68.35 yuan. Zhongjin Gold Corp, the second-biggest by market value, gained 2.3 percent to 58.3 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 1.4 percent to 9.35 yuan.
Aluminum Corp of China Ltd increased 1.7 percent to 14.14 yuan and Jiangxi Copper Co edged up 1 percent to 39.71 yuan.
Brokerages were also among the gainers on speculation China Merchants Securities Co's planned initial public offering will boost investors appetite for brokerages.
The benchmark Shanghai Composite Index gained 1.22 percent, or 37.58 points, to close at 3,114.23. Turnover rose to 170 billion yuan (US$25 billion) from 154.9 billion yuan on Monday.
The official China Securities Journal reported that China's top four state-owned commercial banks extended about 136 billion yuan in new loans in October, up 23 percent from a month earlier.
"The growth in new loans seemed to suggest the state-owned banks were more inclined to hand out loans, which is sure to lift market confidence," Nanjing Securities Co wrote in a research note. "Particularly, last month's figure was based on fewer working days as the eight-day National Day break occurred in the month."
Some news reports state new bank lending in China may hit 300 billion to 400 billion yuan in October, in line with market expectations.
Gold miners led the gainers after the bullion price rose on expectation of a weaker US dollar. Shandong Gold Mining Co jumped 2.8 percent to 68.35 yuan. Zhongjin Gold Corp, the second-biggest by market value, gained 2.3 percent to 58.3 yuan. Zijin Mining Group Co, the country's largest gold producer, increased 1.4 percent to 9.35 yuan.
Aluminum Corp of China Ltd increased 1.7 percent to 14.14 yuan and Jiangxi Copper Co edged up 1 percent to 39.71 yuan.
Brokerages were also among the gainers on speculation China Merchants Securities Co's planned initial public offering will boost investors appetite for brokerages.
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