Lower CPI and possible stimulus help shares rise
Print Edition
SHANGHAI stocks yesterday gained for the first time in four days as lower-than-expected inflation in September fueled hopes for more stimulus measures.
The Shanghai Composite Index rose 0.6 percent to 2,373.67 points.
China’s Consumer Price Index rose 1.6 percent in September, the lowest rate in nearly five years, while the Producer Price Index fell 1.8 percent, falling further from a deflation of 1.6 percent in August, the National Bureau of Statistics said.
The deceleration in the PPI reflected China’s economic climate is deteriorating and offered more leeway for policy-makers to unveil more easing measures to boost economy, analysts said.
“It confirmed our view that taking measures to boost growth will become the top priority for future policy decision making,” Shenyin & Wanguo Securities said.
The brokerage expected the government to cut interest rates by 25 basis points.
Media reports said several brokerages have been approved by the Shanghai Stock Exchange to provide trading services for the coming Shanghai-Hong Kong Stock Connect, a pilot that will allow mutual access between the two stock markets.
Haitong Securities gained 2.3 percent to 10.27 yuan (US$1.68). CITIC Securities added 2.8 percent to 13.34 yuan. Sinolink Securities rose 3.8 percent to close at 25.29 yuan.
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