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Stocks jump 1.92% on monetary easing hopes
By Feng Jianmin |
November 14, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose by the most in nearly three weeks on speculation that a credit boom in October points at easing monetary policies.
The benchmark Shanghai Composite Index jumped 1.92 percent to 2,528.71 points, the largest daily gain since October 25. Turnover was 82.5 billion yuan (US$13 billion).
Chinese banks had extended 586.8 billion yuan in new loans in October, the highest in four months, China's central bank said after the market closed on Friday.
Analysts suspected that the trend of easier lending would last at least until December.
Banks rose. Industrial and Commercial Bank of China added 1.4 percent to 4.35 yuan. China Construction Bank went up 1.7 percent to 4.86 yuan.
Gold miners rallied. Shandong Gold Mining Co jumped 3.4 percent to 40.39 yuan. Zijin Mining Co was up 2.4 percent to 4.75 yuan.
The benchmark Shanghai Composite Index jumped 1.92 percent to 2,528.71 points, the largest daily gain since October 25. Turnover was 82.5 billion yuan (US$13 billion).
Chinese banks had extended 586.8 billion yuan in new loans in October, the highest in four months, China's central bank said after the market closed on Friday.
Analysts suspected that the trend of easier lending would last at least until December.
Banks rose. Industrial and Commercial Bank of China added 1.4 percent to 4.35 yuan. China Construction Bank went up 1.7 percent to 4.86 yuan.
Gold miners rallied. Shandong Gold Mining Co jumped 3.4 percent to 40.39 yuan. Zijin Mining Co was up 2.4 percent to 4.75 yuan.
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