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Stocks up on robust indicators

[ 2009-04-14 16:03]     字号 [] [] []  
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SHANGHAI: Chinese stocks rose for the third straight trading day yesterday as domestic new loan creation touched a record high in March and Premier Wen Jiabao made a positive statement on China's "better than expected" real economy over the weekend.

The benchmark Shanghai Composite Index rose 2.84 percent to close at 2513.7 yesterday. The smaller Shenzhen Component Index rallied 2.08 percent to 9539.8 points.

The combined turnover on the two bourses soared to 284.9 billion yuan yesterday in choppy trading, up 19.9 percent from last Friday.

China's central bank said new loans hit an all-time high of 1.89 trillion yuan in March, with the gauge of broad money supply M2 rising 25.51 percent year-on-year to 5.3 billion yuan.

"The central bank's emphasis over the weekend on sticking to loose monetary policy wiped off market concerns on the government's likely move to tighten credit, and in turn keep liquidity ample in the equities market," said Mao Nan, analyst of Orient Securities.

Qian Wang, an economist at JPMorgan's Asia Economic Research, said: "Some moderation in the loan expansion pace should be expected by the market in the coming months."

Premier Wen's speech on Saturday, saying that China's economy has seen "positive changes", triggered market speculation that more policies to accelerate domestic demand are on the anvil, analysts said.

Chinese stock analysts have raised the 2009 earnings results of domestic enterprises traded on the mainland's bourses by 4 percent on average as recently released macro figures indicated a fundamental recovery, said Mao.

Coal sector led the rally on reports that Shenhua Group and Datong Coal Mining Group are planning to raise coal contract prices to 550 yuan per ton.

Shenhua, the country's largest coal miner, soared to the daily limit of 10 percent and ended at 25.09 yuan yesterday.

"The profit-taking activities in the short term amid the uncertainties of unfolding first-quarter earnings reports will add pressure to the market, but there's still room for the market to rise 10-15 percent in three to six months," Mao said.

(英语点津 Helen 编辑)

Stocks up on robust indicators

Stocks up on robust indicatorsBrendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.

He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.