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Developers gain as tightening concerns ease
By Feng Jianmin |
August 11, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose slightly today led by property developers on speculation that interest rates will remain stable on the slowdown of industrial expansion and peaked inflation.
The benchmark Shanghai Composite Index went up 0.47 percent, or 12.23 points, to close at 2,607.5 points. Turnover shrank to 88.8 billion yuan (US$13.1 billion) from yesterday's 129.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.98 percent to close at 1,096.29 points.
China's top statistics bureau said today that industrial production increased 13.4 percent from last year, but the growth rate was 0.3 percentage point down from last month.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier as expected by market watchers.
"Though CPI growhth hit a record high for this year, it is still under previous estimate of 3.4 to 3.5 percent," said Xu Weihong from Guodu Securities. "China's inflation pressure is less compared with that of the world."
Property developers gained. China Vanke climbed 4.52 percent to 8.32 yuan. Poly Real Estate Co added 2.53 percent to 12.58 yuan. Gemdale Corp grew 2.07 percent to 6.90 yuan. China Merchants Property Development Co rose 3.35 percent to 18.83 yuan.
Xinjiang-related stocks climbed on media reports that local governments will invest up to 13 billion yuan in the region to boost its development. Xinjiang Urban Construction Co surged 9.56 percent to 12.83 yuan. Xinjiang West Construction Co jumped 10 percent to 25.38 yuan. Xinjiang Joinworld Co advanced 6.75 percent to 18.04 yuan.
The benchmark Shanghai Composite Index went up 0.47 percent, or 12.23 points, to close at 2,607.5 points. Turnover shrank to 88.8 billion yuan (US$13.1 billion) from yesterday's 129.6 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.98 percent to close at 1,096.29 points.
China's top statistics bureau said today that industrial production increased 13.4 percent from last year, but the growth rate was 0.3 percentage point down from last month.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier as expected by market watchers.
"Though CPI growhth hit a record high for this year, it is still under previous estimate of 3.4 to 3.5 percent," said Xu Weihong from Guodu Securities. "China's inflation pressure is less compared with that of the world."
Property developers gained. China Vanke climbed 4.52 percent to 8.32 yuan. Poly Real Estate Co added 2.53 percent to 12.58 yuan. Gemdale Corp grew 2.07 percent to 6.90 yuan. China Merchants Property Development Co rose 3.35 percent to 18.83 yuan.
Xinjiang-related stocks climbed on media reports that local governments will invest up to 13 billion yuan in the region to boost its development. Xinjiang Urban Construction Co surged 9.56 percent to 12.83 yuan. Xinjiang West Construction Co jumped 10 percent to 25.38 yuan. Xinjiang Joinworld Co advanced 6.75 percent to 18.04 yuan.
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