Equities surge on credit data
Shares on the Chinese mainland rallied the most in a week on Thursday as credit growth data spurred speculation that authorities are taking steps to support economic growth.
The Shanghai Composite Index advanced 3.5 percent to 3,336.46 points, the most since Jan 5. Aggregate financing was 1.69 trillion yuan ($273 billion) in December, the People's Bank of China said. While new yuan loans missed economists' forecasts, shadow lending rose to the highest in monthly records that began in 2012.
The benchmark index halted a 4.5 percent weeklong slide that spurred concern the nation's $5 trillion stock market was losing momentum after a world-beating rally sent the gauge to the highest level since August 2009. Trading volumes were 52 percent below the 30-day average.
The CSI 300 Index rose 2.9 percent. Hong Kong's Hang Seng China Enterprises Index added 1.5 percent.
The Shanghai Composite is the best performer among 93 global indexes tracked by Bloomberg over the past year with a 65 percent gain. It trades at 12.4 times 12-month projected earnings, the highest level since May 2011.
A gauge of financial stocks in the CSI 300 surged 4.4 percent, the most among the 10 industry groups. The sub-index jumped 86 percent last year on expectations the central bank will ease monetary policy after cutting interest rates in November.
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