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Coal and oil producers lead index higher
By Feng Jianmin |
April 1, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock rose first in four days after statistics showed a rebound in manufacturing growth. Coal miners and oil producers led the gainers.
The Shanghai Composite Index added 1.34 percent to 2967.41. Turnover was 127.3 billion yuan (US$19.4 billion).
China's official Purchase Managers Index, a measure for industrial expansion, rose to 53.4 percent from last month's 52.2 percent, according to China Federation of Logistics & Purchasing.
It was the first increase in four months, but analysts said that the increase was due to seasonal reasons and the economic growth has been slowing down under tightening policies.
"We've seen a decrease in domestic needs," China International Capital Corp wrote in a report. "Cost for materials was down a bit, but inflation pressure remained high."
The company expected inflation will climb to 5 percent in March, and China will raise interest rates in April.
Coal miners and oil producers led the gainers as oil prices continued to rise. China Shenhua Energy Co, China's largest coal producer, rose 1.9 percent to 29.63 yuan. PetroChina, China's largest oil producer, was up 0.9 percent to 12.01 yuan.
Banks rose on speculation that higher lending rates will boost their earnings. Market watchers said that banks took up 20 percent of the market value, but contributed 40 percent of total profits by mainland-listed companies last year.
Industrial and Commercial Bank of China added 0.7 percent to 4.50 yuan. China Merchants Bank rose 1.7 percent to 14.33 yuan.
The Shanghai Composite Index added 1.34 percent to 2967.41. Turnover was 127.3 billion yuan (US$19.4 billion).
China's official Purchase Managers Index, a measure for industrial expansion, rose to 53.4 percent from last month's 52.2 percent, according to China Federation of Logistics & Purchasing.
It was the first increase in four months, but analysts said that the increase was due to seasonal reasons and the economic growth has been slowing down under tightening policies.
"We've seen a decrease in domestic needs," China International Capital Corp wrote in a report. "Cost for materials was down a bit, but inflation pressure remained high."
The company expected inflation will climb to 5 percent in March, and China will raise interest rates in April.
Coal miners and oil producers led the gainers as oil prices continued to rise. China Shenhua Energy Co, China's largest coal producer, rose 1.9 percent to 29.63 yuan. PetroChina, China's largest oil producer, was up 0.9 percent to 12.01 yuan.
Banks rose on speculation that higher lending rates will boost their earnings. Market watchers said that banks took up 20 percent of the market value, but contributed 40 percent of total profits by mainland-listed companies last year.
Industrial and Commercial Bank of China added 0.7 percent to 4.50 yuan. China Merchants Bank rose 1.7 percent to 14.33 yuan.
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