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Cooling inflation boosts investor sentiment
By Ye Zhen |
August 9, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI shares advanced for the fifth straight day today, boosted by China's cooling inflation in July that gave more room for policy easing.
The key Shanghai Composite Index rose 0.61 percent to 2,174.10 points. Turnover was 65.3 billion yuan (US$10.2 billion) at the trading close.
China's Consumer Price Index, a main gauge of inflation, rose 1.8 percent from a year earlier in July, the slowest pace in 30 months and down from 2.2 percent in June, the National Bureau of Statistics said today.
Other data released today showed production prices declined more than expected and industrial output expanded at a slower pace.
The CPI data is basically in line with the expectation of below 2 percent, said Guo Tianyong, banking research director at the Central University of Finance and Economics. Guo attributed the cooling inflation to declining demand.
Li Xunlei, chief economist at Haitong Securities, said the central bank is likely to cut the reserve requirement ratio again in the remaining months of this year.
Distilleries led the market gains after Luzhou Laojiao Co posted a 42 percent increase in first-half profit. Sichuan Swellfun Co jumped 6.4 percent to close at 28.69 yuan. Sichuan Tuopai Shede Wine Co surged 9.8 percent to 37.89 yuan.
Oil-related stocks expanded on speculation the government may raise the retail prices of refined oil tomorrow as international oil prices are rising. China Oilfield Services Limited gained 2.9 percent to 17.39 yuan. Offshore Oil Engineering Co rose 2 percent to 5.99 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 0.8 percent to 6.13 yuan.
The key Shanghai Composite Index rose 0.61 percent to 2,174.10 points. Turnover was 65.3 billion yuan (US$10.2 billion) at the trading close.
China's Consumer Price Index, a main gauge of inflation, rose 1.8 percent from a year earlier in July, the slowest pace in 30 months and down from 2.2 percent in June, the National Bureau of Statistics said today.
Other data released today showed production prices declined more than expected and industrial output expanded at a slower pace.
The CPI data is basically in line with the expectation of below 2 percent, said Guo Tianyong, banking research director at the Central University of Finance and Economics. Guo attributed the cooling inflation to declining demand.
Li Xunlei, chief economist at Haitong Securities, said the central bank is likely to cut the reserve requirement ratio again in the remaining months of this year.
Distilleries led the market gains after Luzhou Laojiao Co posted a 42 percent increase in first-half profit. Sichuan Swellfun Co jumped 6.4 percent to close at 28.69 yuan. Sichuan Tuopai Shede Wine Co surged 9.8 percent to 37.89 yuan.
Oil-related stocks expanded on speculation the government may raise the retail prices of refined oil tomorrow as international oil prices are rising. China Oilfield Services Limited gained 2.9 percent to 17.39 yuan. Offshore Oil Engineering Co rose 2 percent to 5.99 yuan. China Petroleum and Chemical Co, China's largest oil refiner, added 0.8 percent to 6.13 yuan.
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