China Stocks: Construction Bank, Merchants Bank, Sanan
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 62.50 points, or 2.9 percent, to 2,225.89, its biggest gain since Oct. 12. The CSI 300 Index (SHSZ300) gained 3.4 percent to 2,368.57.
Banking stocks: China Construction Bank Corp. (939) (601939 CH), the country’s second-largest bank, advanced 1.9 percent to 4.74 yuan. China Merchants Bank Co. (600036 CH) rose 3.3 percent to 12.38 yuan.
Chinese new loans totaled 640.5 billion yuan ($101 billion) last month, the highest amount since April, the People’s Bank of China said in a statement yesterday. That exceeded the estimates of all 18 economists surveyed by Bloomberg. M2, a measure of money supply, rose 13.6 percent, the fastest pace since July, it said. That compared with the 12.9 percent median of 18 estimates.
Sanan Optoelectronics Co. (600703) (600703 CH), China’s biggest listed maker of light-emitting diodes, jumped 8.6 percent to 11.40 yuan, its biggest gain since Nov. 2. The company said its net income for 2011 may have increased by over 110 percent from the previous year.
--Zhang Shidong. Editor: Allen Wan
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