Stocks up on split economic reports
By Feng Jianmin |
July 9, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose slightly yesterday in reaction to split second-quarter reports that showed business improving but confidence falling.
The benchmark Shanghai Composite Index climbed 0.13 percent to 2,797.77 points. Turnover fell to 103.6 billion yuan (US$16 billion) from Thursday's 141.3 billion yuan.
The index was up 1.4 percent this week on speculation that the government may loosen its monetary policies after a widely expected inflation peak in June.
"Investors are cautious about the inflation data," which are due today, said Wen Lijun, an analyst with Nanjing Securities. "But market sentiment is still positive."
Banks led the gainers after China International Capital Corp said Moody's had overstated the size of possible bad local government loans by quoting improper sources in a report released on July 5. The Moody's report estimated that China's local government loans total 12 trillion yuan and the local governments may be unable to pay back 20 percent to 33 percent of the loans. But CICC said the bad loans should total no more than 10 percent.
China Merchants Bank rose 1.5 percent to 13.43 yuan. Industrial and Commercial Bank of China grew 0.7 percent to 4.34 yuan.
The report said that the valuation for yuan-denominated A-shares are low and represent promising investments.
The benchmark Shanghai Composite Index climbed 0.13 percent to 2,797.77 points. Turnover fell to 103.6 billion yuan (US$16 billion) from Thursday's 141.3 billion yuan.
The index was up 1.4 percent this week on speculation that the government may loosen its monetary policies after a widely expected inflation peak in June.
"Investors are cautious about the inflation data," which are due today, said Wen Lijun, an analyst with Nanjing Securities. "But market sentiment is still positive."
Banks led the gainers after China International Capital Corp said Moody's had overstated the size of possible bad local government loans by quoting improper sources in a report released on July 5. The Moody's report estimated that China's local government loans total 12 trillion yuan and the local governments may be unable to pay back 20 percent to 33 percent of the loans. But CICC said the bad loans should total no more than 10 percent.
China Merchants Bank rose 1.5 percent to 13.43 yuan. Industrial and Commercial Bank of China grew 0.7 percent to 4.34 yuan.
The report said that the valuation for yuan-denominated A-shares are low and represent promising investments.
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