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Chinese shares up 1.5% in morning trade

(Xinhua)
Updated: 2009-01-14 13:43

Chinese share prices gained almost 1.5 percent before noon break on Wednesday as data on December's new loans boosted investor confidence.

The benchmark Shanghai Composite index, which tracks both A and B shares, closed the morning session up 27.06 points, or 1.45 percent, at 1,890.42.

The index opened down 1.06 points, or 0.06 percent, at 1,862.31, as investors weighed December data on exports and new loans.

Customs data released Tuesday showed exports fell 2.8 percent year-on-year in December 2008, slumping for a second straight month. Shipments dropped 2.2 percent in November, the first monthly decline since June 2001.

But data on new loans boosted confidence the massive economic stimulus package and "moderately loose" monetary policy have already taken effect in spurring economic growth.

Outstanding local currency loans for December 2008 expanded by 771.8 billion yuan ($112.84 billion), 723.3 billion yuan more than the same month of 2007.

Metals and financial stocks led the advance, driven up by the expectation of a recovery in the economy.

Jiangxi Copper rose 4.14 percent to 12.33 yuan. Shanghai Pudong Development Bank gained 4.22 percent to 14.58 yuan. Industrial and Commercial Bank of China edged up 1.44 percent to 3.53 yuan.