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Stocks rise as investors anticipate interest rate cuts
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SHANGHAI stocks edged up today as dismal economic data reinforced expectations that policymakers will step up monetary easing to bolster growth.
The benchmark Shanghai Composite Index gained 0.15 percent, or 4.83 points, to close at 3,290.90. Turnover reached 327.6 billion yuan (US$52.8 billion) at the trading close.
Retail sales, industrial output and fixed-asset investment all grew at weaker-than-expected rates in January and February, according to data released by the National Bureau of Statistics today.
‘Core activity data confirmed growth momentum is weakening, reinforcing our view that the current down trend is a structural issue involving the correction of the property market and overcapacity in manufacturing sector,’ Nomura said in an e-mailed note today.
The Japanese investment bank predicted benchmark interest rates and the reserve requirement ratio would be cut three more times this year.
Morgan Stanley Research forecasted a reserve requirement ratio cut ahead of an interest rate cut of 25 basis points in the second quarter.
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