China s stocks post sixth consecutive gain
SHANGHAI – Mainland stocks rose for a sixth consecutive day, posting their longest stretch of gains since February, on speculation slowing economic growth will prompt the government to relax property curbs and allow for more bank lending.
The benchmark Shanghai Composite Index gained 0.65 percent, or 16.66 points, to end at 2,588.68 points and e Shenzhen Stock Index climbed 0.6 percent, or 63.18 points, to 10,591.13 points.
“Easing monetary policies is a big possibility,” said Zheng Tuo, president of Shanghai Good Hope Equity Investment Management Co. “That’s probably what the government would start to do to counter the economic slowdown.” The central bank has raised banks’ reserve requirements three times this year and the government boosted down payments and mortgage rates for multiple-purchases of homes to curb record lending growth and asset bubbles.
Citigroup on Thursday lowered its full-year global growth forecasts for 2010 and 2011, according to a strategy report. It also cut its outlook for both years’ growth in the United States, China and emerging markets, the report showed.
China’s GDP growth forecast was cut by 1 percentage point to 9.5 percent, Citigroup’s biggest one-month cut in the country’s outlook since late 2001, the report said. The bank said China would grow at an 8.8 percent rate next year, 0.5 percentage points lower than previously forecast.
China Daily
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