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Chinese shares up 1.95%, led by agricultural, real estate stocks

(Xinhua)
Updated: 2009-03-23 15:54

Chinese shares continued last week's rising streak on Monday, with the benchmark Shanghai Composite Index up 1.95 percent, and analysts say expectations of rising inflation and further stimulus moves fueled advances.

The Shanghai index climbed 44.39 points to 2,325.48. The Shenzhen Component Index rose 2.76 percent, or 238.24 points, to 8,885.75.

Gains outnumbered losses by 760 to 88 in Shanghai and 645 to 88 in Shenzhen.

Combined turnover expanded to 227.4 billion yuan ($33.25 billion) from 205 billion yuan on last Friday, the previous trading day.

Gains outnumbered losses 760 to 88 in Shanghai and 645 to 88 in Shenzhen.

Related readings: Hong Kong stocks soar 4.78% on Monday Index posts longest winning streak this year Asian markets mixed after Fed's $1.2 trillion plan  NASDAQ expects more IPOs at year's end

The upward movement was a result of increased anticipation of renewed inflation, based on low interest rates and growing money supply in major economies, such as the the US Federal Reserve Board's massive bond purchase plan, said Zhang Yong, an analyst with Great Wall Securities.

"The possibility of excess liquidity will drive up prices of major assets such as stocks, properties and commodities," said Zhang.

The Fed said last week it would pump more than $1 trillion into the economy through the purchase of $300 billion of long-term Treasury bonds and $750 billion of mortgage-backed securities.

Meanwhile, top Chinese officials said over the weekend that China has adequate room to tackle economic troubles. Those comments boosted investor confidence, analysts said.

China is confident of achieving its 8-percent economic growth target this year and can take further measures if needed, Vice Finance Minister Wang Jun told the China Development Forum 2009 here Sunday.

Agricultural and real estate stocks led Monday's rally in Shanghai, with the farm and forestry index gaining 3.81 percent and the property index up 3.77 percent.

Fujian Yong'an Forestry and Heilongjiang Agriculture surged 7.6 percent to 7.08 yuan and 7.45 percent to 14.71 yuan, respectively.

Poly Real Estate Group went up 5.33 percent to 22.74 yuan while Beijing Dalong Weiye Real Estate Development soared by the daily limit of 10 percent to 6.11 yuan.

The financial index was driven up 3.55 percent Monday, with Shanghai Pudong Development Bank up 4.66 percent to 20.21 yuan and Ping An Insurance closing 4.65 percent higher at 38.03 yuan.