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Stocks jump to 2-month high on central bank housing support
By Hu Xiaocen |
February 8, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rebounded from its biggest drop in three weeks yesterday on new central bank support for first-home buyers and expectations for easing monetary policy.
The Shanghai Composite index jumped 2.43 percent, to 2,347.53 at the close of trading, the highest level since December 2. Turnover stood at 80.9 billion yuan (US$12.8 billion), the highest in 4 weeks.
The People's Bank of China pledged to support the construction of affordable housing, and to meet first-home buyers' loan demands, according to a statement on the central bank's website yesterday.
Property developers responded to the news by registering a 2.81 percent rise on average. China Vanke, the nation's biggest listed developer surged 2.85 percent to 7.59 yuan. Poly Real Estate Group jumped 2.86 percent to 10.42 yuan.
Li Bo, analyst at UBS Securities believes that the stock market will continue to rally if easing monetary policy expectations materialize.
"Investors expect the government to relax its tight monetary policies on lower inflation data to be announced tomorrow, but the reading of January should be slightly higher than 4.1 percent from December due to increased prices during the Spring Festival," Li said in a First Financial TV program.
"Non-ferrous metal producers gained on rising commodity prices and pulled the index up. Turnover expansion will provide the stock market with continuous momentum," said He Xu, analyst at Gold State Securities.
Non-ferrous metal producers led the rally with a jump of 6.34 percent on average. Jiangxi Cooper, China's largest producer of the metal, soared by the 10 percent daily limit to 27.28 yuan. Tongling Nonferrous Metals, the second-largest smelter, also surged 10 percent to 21.73 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co outperformed the index with an 8.89 percent increase to 48.51 yuan.
The Shanghai Composite index jumped 2.43 percent, to 2,347.53 at the close of trading, the highest level since December 2. Turnover stood at 80.9 billion yuan (US$12.8 billion), the highest in 4 weeks.
The People's Bank of China pledged to support the construction of affordable housing, and to meet first-home buyers' loan demands, according to a statement on the central bank's website yesterday.
Property developers responded to the news by registering a 2.81 percent rise on average. China Vanke, the nation's biggest listed developer surged 2.85 percent to 7.59 yuan. Poly Real Estate Group jumped 2.86 percent to 10.42 yuan.
Li Bo, analyst at UBS Securities believes that the stock market will continue to rally if easing monetary policy expectations materialize.
"Investors expect the government to relax its tight monetary policies on lower inflation data to be announced tomorrow, but the reading of January should be slightly higher than 4.1 percent from December due to increased prices during the Spring Festival," Li said in a First Financial TV program.
"Non-ferrous metal producers gained on rising commodity prices and pulled the index up. Turnover expansion will provide the stock market with continuous momentum," said He Xu, analyst at Gold State Securities.
Non-ferrous metal producers led the rally with a jump of 6.34 percent on average. Jiangxi Cooper, China's largest producer of the metal, soared by the 10 percent daily limit to 27.28 yuan. Tongling Nonferrous Metals, the second-largest smelter, also surged 10 percent to 21.73 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co outperformed the index with an 8.89 percent increase to 48.51 yuan.
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