China’s stocks rose again last week driving the benchmark index to a fourth monthly advance, after Tsingtao Brewery Co. reported higher profit and copper prices jumped. “With the economy in recovery, we will see a turnaround in corporate earnings,” said Li Jun, a strategist at Central China Securities Holdings Co. in Shanghai. Still, he only expects a pick up in profits in the fourth quarter. The Shanghai Composite Index which tracks the bigger of China’s exchanges rose 7.75, or 0.3%, to 2,475.94. The measure added 4.4% in April, as record new lending and expectation that growth will be revived drove up share prices. The Shanghai Composite has jumped 36% so far in 2009; it is the 2nd best performer among 90 global gauges tracked by Bloomberg. The measure has advanced on optimism a 4 trillion Yuan (US$585B) stimulus package and record new loans will prevent a slump in the world’s 3rd largest economy.
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