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Banks, realty developers lead share rally

(chinadaily.com.cn)
Updated: 2009-07-24 11:52

China's stocks rose, driving the benchmark index to a 13-month high, as banks and developers gained on optimism the governments will allow more money to pump into the financial system to cement an economic recovery.

The International Monetary Fund said China has scope to boost State spending to counter rising unemployment, while the Asia Development Bank said East Asian governments should retain expansionary monetary policies.

The Shanghai Composite Index added 31.88, or 1 percent, to 3328.49 at the close, the highest close since June 2008. The measure has surged 83 percent this year.

The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, advanced 1.3 percent to 3651.97.

"Stocks may still gain further on ample liquidity and high expectation about economic growth," said Li Jun, a strategist at Central China Securities Holdings Co. "But they have already reached such an expensive level that a big correction is needed."

This year's gains have made Chinese stocks the most expensive since January 2008, Bloomberg data shows. Shares traded on the Shanghai index are valued at 36 times earnings, almost triple a November low of 12.9 times.

Minsheng Banking, the nation's first privately owned bank, climbed 4.6 percent to 8.79 yuan. Bank of China Ltd, the country's third-largest, added 2 percent to 4.53 yuan. Poly Real Estate advanced 4.3 percent to 30.29 yuan, bringing its annual gain to 173 percent.

A 1.4 percent drop in the Baltic Dry Index, a measure of transporting costs for commodities, drove shipping lines lower.

China COSCO Holdings Co, the world's largest operator of dry- bulk ships, fell 1.2 percent to 17.47 yuan. COSCO Shipping Co, a unit of China's biggest shipping company, slipped 1.7 percent to 13.12 yuan.

Brendan 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.