Asian Stocks Start Week With Rally

Higher new loan growth in China stirred up banking stocks in Hong Kong and Shanghai.
Chinese banking stocks surged across Shanghai and Hong Kong markets on Monday, pushing the Shanghai Composite Index to a nearly 11-month intra-day high after Chinese state media said China would post higher new loan growth in June.

The Shanghai stock benchmark closed up 0.6% at 2,896.30 after hitting an intra-day high of 2,917.208.
The official Shanghai Securities News reported Monday that the total amount of new loans in China for the first six months would reach 6.5 trillion yuan ($951.1 billion) and that new lending in June accelerated faster than in May due to more infrastructure financing.

The positive loan growth boosted all Chinese banks listed both in Hong Kong and Shanghai. The H-shares of Industrial and Commercial Bank of China ( IDCBY - news - people ) rose 3.3% to 5.36 Hong Kong dollars (69 cents). Bank of Communications ( BKFCF - news - people ) jumped 4.8% to 7.80 Hong Kong dollars ($1.00), and Bank of China ( BACHF - news - people ) added 2.0% to 3.56 Hong Kong dollars (46 cents).

Hong Kong's Hang Seng Index edged up 0.8% at 18,059.55, paring some of its over 2.3% gains in the morning.

Hong Kong's developers also rose, with Cheung Kong ( CHEUY.PK - news - people ) Holdings and Henderson Land all rallying over 3% on rebounds in real estate.

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