Stocks gain on hopes of policy easing
Print Edition
SHANGHAI stocks eked out a small gain yesterday amid hopes China will continue to buttress economic growth by easing monetary policies.
The Shanghai Composite Index added 0.2 percent, or 4.09 points, to 2,064.02.
China will adopt different monetary policy tools flexibly to ensure moderate liquidity and appropriate credit growth, the People’s Bank of China said in a statement released on Monday after a quarterly monetary policy meeting.
“Policy-makers are expected to continue to relax monetary policies as downward pressure on economic growth remains and inflation stays at a low level,” Jiang Chao, analyst of Haitong Securities wrote in a note yesterday.
“A significant decrease in foreign capital inflows also allows more room for the central bank to employ various easing tools.”
The People’s Bank of China’s outstanding foreign exchange yuan funds rose 361 million yuan (US$58.2 million) in May, a sharp drop from an increase of 84.6 billion yuan in April, according to its balance sheet.
Navigation service companies continued to perform strongly amid media reports that Internet giant Alibaba Group may invest tens of billions of yuan in the sector in the next few years. North Navigation Control Technology surged by the daily limit of 10 percent for a second straight day to 15.17 yuan.
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