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Stocks rebound on renewed stimulus hopes
By Ye Zhen |
July 19, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks advanced this morning amid speculation the government may take steps to ensure stable growth at a meeting on the economic situation this week.
The key Shanghai Composite Index gained 1.14 percent, or 24.76 points to 2,193.86 points. Turnover was 39.4 billion yuan (US$6.3 billion) by the noon break.
China's cabinet is expected to meet this week to review the economic situation in the first half of this year and discuss stimulus measures for the second half. Analysts said the meeting may shed some light on policy direction in the following months.
The government may unveil financial incentives and tax cuts in railway, public utilities, energy, telecoms, medical services and education sectors, in an effort to boost investor confidence, Shenyin Wanguo Securities said.
The State Council usually holds the meeting one or two weeks after the release of first half economic data.
Insurers surged in morning trading. China Life Insurance, the country's biggest insurer, jumped 5.3 percent to 19.95 yuan. Ping An Insurance Co, China's second largest insurer, gained 3.7 percent to 45.95 yuan. China Pacific Insurance (Group) Co rose 3.8 percent to 23.48 yuan.
Most lenders gained after data showed the nation's four biggest banks have issued 50 billion yuan in loans during the first half of July, double the level in the same period last month, indicating that the liquidity situation is improving.
China Construction Bank Corporation rose 0.5 percent to 4.03 yuan. Agricultural Bank of China added 0.4 percent to 2.50 yuan. While the Industrial and Commercial Bank of China Ltd, the nation's largest lender, edged down 0.3 percent to 3.82 yuan.
Brokerages also rose. Citic Securities, the biggest listed brokerage, advanced 1.9 percent to 13.19 yuan. Haitong Securities Co increased 1.8 percent to 10.17 yuan. Soochow Securities Co jumped 4.3 percent to 9.01 yuan.
The key Shanghai Composite Index gained 1.14 percent, or 24.76 points to 2,193.86 points. Turnover was 39.4 billion yuan (US$6.3 billion) by the noon break.
China's cabinet is expected to meet this week to review the economic situation in the first half of this year and discuss stimulus measures for the second half. Analysts said the meeting may shed some light on policy direction in the following months.
The government may unveil financial incentives and tax cuts in railway, public utilities, energy, telecoms, medical services and education sectors, in an effort to boost investor confidence, Shenyin Wanguo Securities said.
The State Council usually holds the meeting one or two weeks after the release of first half economic data.
Insurers surged in morning trading. China Life Insurance, the country's biggest insurer, jumped 5.3 percent to 19.95 yuan. Ping An Insurance Co, China's second largest insurer, gained 3.7 percent to 45.95 yuan. China Pacific Insurance (Group) Co rose 3.8 percent to 23.48 yuan.
Most lenders gained after data showed the nation's four biggest banks have issued 50 billion yuan in loans during the first half of July, double the level in the same period last month, indicating that the liquidity situation is improving.
China Construction Bank Corporation rose 0.5 percent to 4.03 yuan. Agricultural Bank of China added 0.4 percent to 2.50 yuan. While the Industrial and Commercial Bank of China Ltd, the nation's largest lender, edged down 0.3 percent to 3.82 yuan.
Brokerages also rose. Citic Securities, the biggest listed brokerage, advanced 1.9 percent to 13.19 yuan. Haitong Securities Co increased 1.8 percent to 10.17 yuan. Soochow Securities Co jumped 4.3 percent to 9.01 yuan.
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