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Stocks gain as concerns wane
By Feng Jianmin |
August 15, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up in the morning session as concerns for more tightening measures eased after China reported less than expected lending in July last Friday after the market was closed.
The benchmark Shanghai Composite Index was up 0.18 percent to 2,597.86 points. Turnover was 43.8 billion yuan (US$6.9 billion).
China's central bank said last Friday that new yuan loans reached 492.6 billion yuan (US$77 billion) in July, down 25.2 billion yuan from a year ago, It was less than the 550 billion yuan median estimate in a Reuters poll and 633.9 billion yuan in June.
Analysts said the central bank will likely hold off on increasing interest rates or the reserve requirement ratio in the short term due to uncertainties in global markets.
"Although the monetary policy won't change its direction, the possibility of more tightening is decreasing," a CITIC Securities report said.
The report said that China's stocks are already past the worst period as investment in affordable housing will offset a slump in economic growth.
Property developers gained while banks were weak.
Poly Real Estate Co jumped 2 percent to 11.19 yuan. China Merchants Property Development Co rose 1.5 percent to 19.62 yuan.
Everbright Bank Co fell 1 percent to 3.09 yuan. This week, 11.2 billion of its previously locked shares will be allowed to be traded. Industrial and Commercial Bank of China lost 1 percent to 4.10 yuan.
The benchmark Shanghai Composite Index was up 0.18 percent to 2,597.86 points. Turnover was 43.8 billion yuan (US$6.9 billion).
China's central bank said last Friday that new yuan loans reached 492.6 billion yuan (US$77 billion) in July, down 25.2 billion yuan from a year ago, It was less than the 550 billion yuan median estimate in a Reuters poll and 633.9 billion yuan in June.
Analysts said the central bank will likely hold off on increasing interest rates or the reserve requirement ratio in the short term due to uncertainties in global markets.
"Although the monetary policy won't change its direction, the possibility of more tightening is decreasing," a CITIC Securities report said.
The report said that China's stocks are already past the worst period as investment in affordable housing will offset a slump in economic growth.
Property developers gained while banks were weak.
Poly Real Estate Co jumped 2 percent to 11.19 yuan. China Merchants Property Development Co rose 1.5 percent to 19.62 yuan.
Everbright Bank Co fell 1 percent to 3.09 yuan. This week, 11.2 billion of its previously locked shares will be allowed to be traded. Industrial and Commercial Bank of China lost 1 percent to 4.10 yuan.
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