Stocks end up for 4th session
By Ye Zhen |
August 9, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI shares yesterday advanced for a fourth straight day ahead of the release of economic data as investors bet on further policy easing to revitalize the nation's economy.
The Shanghai Composite Index inched up 0.16 percent to close at 2,160.99 points.
Analysts see China's inflation for July falling below 2 percent, the lowest level this year, giving policymakers more leeway to ease monetary policy.
Lian Ping, chief economist at the Bank of Communications, said July's inflation rate may decelerate to 1.7 percent due to a diminishing carryover effect.
Chen Jian, analyst at Caitong Securities, said the central bank may cut interest rate or banks' reserve requirement ratio if data shows that July's Consumer Price Index is within its expectation.
Brokerages gained after China Securities Finance Corp added 4.5 billion yuan (US$707 million) to enlarge its registered capital to 12 billion yuan, enabling it to lend 120 billion yuan to brokerages for margin trading and short selling. The company is an intermediary which borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
Citic Securities, China's biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.3 percent to 9.84 yuan.
Banks also rose. The Industrial and Commercial Bank of China, the nation's largest bank, gained 1.1 percent to 3.78 yuan.
The Shanghai Composite Index inched up 0.16 percent to close at 2,160.99 points.
Analysts see China's inflation for July falling below 2 percent, the lowest level this year, giving policymakers more leeway to ease monetary policy.
Lian Ping, chief economist at the Bank of Communications, said July's inflation rate may decelerate to 1.7 percent due to a diminishing carryover effect.
Chen Jian, analyst at Caitong Securities, said the central bank may cut interest rate or banks' reserve requirement ratio if data shows that July's Consumer Price Index is within its expectation.
Brokerages gained after China Securities Finance Corp added 4.5 billion yuan (US$707 million) to enlarge its registered capital to 12 billion yuan, enabling it to lend 120 billion yuan to brokerages for margin trading and short selling. The company is an intermediary which borrows cash or securities from banks, fund management companies and insurers and lends them to brokerages.
Citic Securities, China's biggest listed brokerage, added 0.2 percent to 12.21 yuan. Haitong Securities Co rose 0.3 percent to 9.84 yuan.
Banks also rose. The Industrial and Commercial Bank of China, the nation's largest bank, gained 1.1 percent to 3.78 yuan.
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