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People's Daily Online>>China Business

Shares rise on improved loans, money supply data

By Lu Nengneng and Hu Xiaocen (Shanghai Daily)

14:05, January 10, 2012

SHANGHAI'S key stock index rose the most in three months yesterday on renewed optimism after Premier Wen Jiabao called for better regulated stock markets, while money supply and loan data exceeded forecasts.

The Shanghai Composite Index jumped 2.89 percent, its biggest gain since October 12, to 2,225.89 points - the highest close in three weeks. Turnover stood at 62.1 billion yuan (US$9.8 billion), more than double that of last Friday.

During the two-day National Financial Work Conference that concluded on Saturday in Beijing, Wen said the stock market needed to reform its initial public offerings, distribution, delisting and dividend payout regulations to bolster market confidence shaken by a 21.7 percent plunge in the index last year. Brokers outperformed the index on brighter earnings prospects following the market rally. Haitong Securities added 4.4 percent to 7.62 yuan. Industrial Securities rose 5.2 percent to 10.14 yuan.

Bankers advanced on a better liquidity outlook after the central bank reported new loans in December had reached 640.5 billion yuan, the highest level since April. In addition, the M2, a measure of money supply, increased 13.6 percent annually in December - 0.9 percentage points higher than November.

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