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Stocks rise as figures show economy picking up
By Ye Zhen |
March 6, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks rose for a second day, after data showed accelerated capital inflows in January as China's economy picks up.
The key Shanghai Composite Index added 0.9 percent to 2,347.18 points, with a daily turnover of 125.4 billion yuan (US$20.2 billion).
China's central bank and commercial banks bought a record 683.7 billion yuan worth of foreign exchange on a net basis in January, topping the annual amount of 494.6 billion yuan in 2012, according to data released by the People's Bank of China yesterday.
This indicates large inflows amid signals of recovery in the world's second largest economy.
"Improving expectations among enterprises and households contributed to the continuous increase of foreign exchange purchases as the worst is over for China's economy," analysts with Essence Securities said in a report today.
"Meanwhile, capital inflows also increase on liquidity from loose monetary policy around the world."
China International Capital Corp Ltd said in a report today that A shares may enter a second phrase of rebound as market liquidity stabilizes and economic condition keeps improving.
Distilleries advanced. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.3 percent to 177.22 yuan.
Sichuan Tuopai Shede Wine Co surged 4.9 percent to 25.94 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 3 percent to 38.93 yuan.
Most property developers gained on speculation they have been oversold after a gauge tracking the performance of listing developers plunged 7.6 percent on Monday.
Poly Real Estate, China's second largest developer, rose 0.9 percent to 11.35 yuan. Gemdale Corporation added 0.6 percent to 6.40 yuan.
The key Shanghai Composite Index added 0.9 percent to 2,347.18 points, with a daily turnover of 125.4 billion yuan (US$20.2 billion).
China's central bank and commercial banks bought a record 683.7 billion yuan worth of foreign exchange on a net basis in January, topping the annual amount of 494.6 billion yuan in 2012, according to data released by the People's Bank of China yesterday.
This indicates large inflows amid signals of recovery in the world's second largest economy.
"Improving expectations among enterprises and households contributed to the continuous increase of foreign exchange purchases as the worst is over for China's economy," analysts with Essence Securities said in a report today.
"Meanwhile, capital inflows also increase on liquidity from loose monetary policy around the world."
China International Capital Corp Ltd said in a report today that A shares may enter a second phrase of rebound as market liquidity stabilizes and economic condition keeps improving.
Distilleries advanced. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.3 percent to 177.22 yuan.
Sichuan Tuopai Shede Wine Co surged 4.9 percent to 25.94 yuan. Shanxi Xinghuacun Fen Wine Factory Co added 3 percent to 38.93 yuan.
Most property developers gained on speculation they have been oversold after a gauge tracking the performance of listing developers plunged 7.6 percent on Monday.
Poly Real Estate, China's second largest developer, rose 0.9 percent to 11.35 yuan. Gemdale Corporation added 0.6 percent to 6.40 yuan.
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