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Stocks gain on monetary easing hopes
By Hu Xiaocen |
March 9, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose on speculation of further monetary policy easing, as China's inflation fell more than expected in February.
The Shanghai Composite Index advanced 0.79 percent, or 19.19 points, to 2,439.46 鈥 registering a weekly loss after a seven-week winning streak. Turnover was 100.4 billion yuan (US$15.9 billion).
The National Bureau of Statistics announced lower-than-expected inflation of 3.2 percent in February, that is 1.3 percentage points lower than January's figure, and the lowest growth in 20 months.
Now the inflation rate stands below the country's one-year term deposit rate of 3.5 percent.
Teng Tai, chief economist at Minsheng Securities projected further easing monetary policy by the government and two more reserve requirement cuts for banks in the first half year.
Chief economist at Haitong Securities, Li Xunlei, saw China's inflation for the whole year as low as around 3 percent. "Monetary policy will be relaxed. There might be two or three cuts in reserve requirement ratios in the year," said Li.
Lenders were mixed. China Merchants Bank advanced 0.4 percent to 12.51 yuan. Bank of China retreated 0.33 percent to 3.01 yuan. Shenzhen Development Bank slid 0.94 percent to 16.87 yuan, after it announced the absence of a dividend payout for the third consecutive year today due to capital inadequacy.
The Twelfth Five-Year Plan for the coal industry will be released this month, according to the National Energy Board. Coal producers advanced 3.2 percent on average, as their products are the dominant energy source fueling the country's development.
China Shenhua Energy Co, the nation's largest coal producer, advanced 1.23 percent to 27.07 yuan. Zhengzhou Coal Industry & Electric Power Co, added 1.38 percent to 10.32 yuan. China Coal Energy Co, gained 1.67 percent to 9.73 yuan.
The Shanghai Composite Index advanced 0.79 percent, or 19.19 points, to 2,439.46 鈥 registering a weekly loss after a seven-week winning streak. Turnover was 100.4 billion yuan (US$15.9 billion).
The National Bureau of Statistics announced lower-than-expected inflation of 3.2 percent in February, that is 1.3 percentage points lower than January's figure, and the lowest growth in 20 months.
Now the inflation rate stands below the country's one-year term deposit rate of 3.5 percent.
Teng Tai, chief economist at Minsheng Securities projected further easing monetary policy by the government and two more reserve requirement cuts for banks in the first half year.
Chief economist at Haitong Securities, Li Xunlei, saw China's inflation for the whole year as low as around 3 percent. "Monetary policy will be relaxed. There might be two or three cuts in reserve requirement ratios in the year," said Li.
Lenders were mixed. China Merchants Bank advanced 0.4 percent to 12.51 yuan. Bank of China retreated 0.33 percent to 3.01 yuan. Shenzhen Development Bank slid 0.94 percent to 16.87 yuan, after it announced the absence of a dividend payout for the third consecutive year today due to capital inadequacy.
The Twelfth Five-Year Plan for the coal industry will be released this month, according to the National Energy Board. Coal producers advanced 3.2 percent on average, as their products are the dominant energy source fueling the country's development.
China Shenhua Energy Co, the nation's largest coal producer, advanced 1.23 percent to 27.07 yuan. Zhengzhou Coal Industry & Electric Power Co, added 1.38 percent to 10.32 yuan. China Coal Energy Co, gained 1.67 percent to 9.73 yuan.
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