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Trading buoyed up by possible policy loosening
By Feng Jianmin |
August 2, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S stock market gained on anticipation that the central government will adopt looser policies to hedge against slower economic growth.
The benchmark Shanghai Composite Index went up 1.33 percent, or 35 points, to close at 2,672.52 points. Turnover expanded to 110.2 billion yuan (US$16.2 billion) from last Friday's 94 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, gained 2 percent to close at 1,097 points.
The central bank said during the weekend it would carry out a modestly loose monetary policy in the second half, keeping liquidity for banks at a "reasonable" level, according to the China Securities Journal.
The manufacturing activities expanded the slowest in 17 months on curbs on loans and the property market.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activity, eased 0.9 percentage points from a month earlier to 51.2 percent in July, the China Federation of Logistics and Purchasing said yesterday.
A reading above 50 points indicates expansion.
"PMI has dropped for the third consecutive month but the pace was slower in July," said Zhou Donghai from Huachuang Securities. "The best option is to adopt a stable policy so as to avoid inflation or deflation as economy development slows."
Consumption related stocks led the gainers as confidence of consumers grew. China's well-known liquor company Kweichow Moutai Co advanced 3.52 percent to 143.55 yuan. Wuliangye Yibin Co climbed 5 percent to 29.17 yuan. Suning Appliance Co was 2.48 percent higher at 12.81 yuan.
Banks gained. Bank of China gained 1.12 percent to 3.62 yuan. Industrial and Commercial Bank of China went up 1.39 percent to 4.37 yuan. Bank of Communications rose 2 percent to 6.69 yuan.
Property developers fluctuated. China Vanke Co edged up 0.36 percent to 8.32 yuan. Gemdale Corp added 0.69 percent to 7.26 yuan. Poly Real Estate Co rose 2.51 percent to 13.48 yuan.
The benchmark Shanghai Composite Index went up 1.33 percent, or 35 points, to close at 2,672.52 points. Turnover expanded to 110.2 billion yuan (US$16.2 billion) from last Friday's 94 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, gained 2 percent to close at 1,097 points.
The central bank said during the weekend it would carry out a modestly loose monetary policy in the second half, keeping liquidity for banks at a "reasonable" level, according to the China Securities Journal.
The manufacturing activities expanded the slowest in 17 months on curbs on loans and the property market.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activity, eased 0.9 percentage points from a month earlier to 51.2 percent in July, the China Federation of Logistics and Purchasing said yesterday.
A reading above 50 points indicates expansion.
"PMI has dropped for the third consecutive month but the pace was slower in July," said Zhou Donghai from Huachuang Securities. "The best option is to adopt a stable policy so as to avoid inflation or deflation as economy development slows."
Consumption related stocks led the gainers as confidence of consumers grew. China's well-known liquor company Kweichow Moutai Co advanced 3.52 percent to 143.55 yuan. Wuliangye Yibin Co climbed 5 percent to 29.17 yuan. Suning Appliance Co was 2.48 percent higher at 12.81 yuan.
Banks gained. Bank of China gained 1.12 percent to 3.62 yuan. Industrial and Commercial Bank of China went up 1.39 percent to 4.37 yuan. Bank of Communications rose 2 percent to 6.69 yuan.
Property developers fluctuated. China Vanke Co edged up 0.36 percent to 8.32 yuan. Gemdale Corp added 0.69 percent to 7.26 yuan. Poly Real Estate Co rose 2.51 percent to 13.48 yuan.
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