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Chinese shares jump 6.12% as new yuan loans surge in Feb

(Xinhua)
Updated: 2009-03-04 15:30

Chinese share prices jumped 6.12 percent in surging turnover Wednesday, driven by reports that new yuan-denominated loans might have reached 1.1 trillion yuan ($161 billion) last month, analysts said.

If new loans actually reached that level, it would be "way beyond the market expectation of 500 to 600 billion yuan," Galaxy Securities equity analyst Qin Xiaobin said.

Related readings:  China's Feb new yuan loans reach 1.1 trillion yuan  China shares gain on stimulus hopes, Citi report  Chinese shares up 2.28% on upbeat investor confidence  Chinese shares gain 2.44% on stimulus prospects

"The large amount of new loans implies that government stimulus plans are taking effect and banks are willing to act fast," he said.

The benchmark Shanghai Composite Index rose 126.68 points to 2,198.11. The Shenzhen Component Index surged 6.91 percent, or 532.07 points, to close at 8,227.69.

Total turnover was 195.75 billion yuan, up from 127.18 billion yuan Tuesday.

On the Shanghai exchange, 917 shares rose while 30 fell. In Shenzhen, 810 shares rose while only two fell.

Driven by the loan news, shares of financial issues rose more than 7 percent on average.

The Shenzhen Development Bank and the Shanghai Pudong Development Bank both jumped by the 10-percent daily limit. Bank of China, the world's third-largest lender by market value, rose 9.37 percent to 3.50 yuan.

Also Wednesday, China released the Purchasing Managers' Index, a major economic performance indicator, which showed the February index rose to 49 from 45.3 in January.

A reading above 50 suggests expansion, while one below 50 indicates contraction. Although the index indicated the manufacturing activity still contracted, the depth of decline had narrowed, analysts said.