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Easing inflation boosts Shanghai stocks
By Ye Zhen |
August 9, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rose this morning as data showed China's inflation rate in July grew at the lowest pace in 30 months and investors are anticipating further policy leasing.
The key Shanghai Composite Index gained 0.23 percent to 2,166.02. Turnover stood at 30 billion yuan (US$4.7 billion) by midday.
China's Consumer Price Index in July rose 1.8 percent from a year earlier, a drop from June's rate of 2.2 percent, the National Bureau of Statistics said today. The rate is in line with the market expectation of below 2 percent and gives room for monetary policy easing.
Li Xunlei, chief economist at Haitong Securities, expects the central bank to cut the reserve requirement ratio again in the remaining months of this year.
Most oil-related stocks advanced this morning on speculation the government may raise the retail prices of refined oil tomorrow as international oil prices are rising. China Oilfield Services Limited gained 1.7 percent to 17.19 yuan. Offshore Oil Engineering Co rose 1.2 percent to 5.94 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, added 0.5 percent to 6.13 yuan.
Property developers advanced as well, boosted by robust home sales. China Vanke, the nation's biggest developer, gained 1.5 percent to 9.06 yuan. Poly Real Estate, the second largest developer, climbed 2 percent to 10.97 yuan. Gemdale Corporation increased 2.2 percent to 5.67 yuan.
Brokerages traded lower in the morning session. Citic Securities, the biggest listed brokerage, shed 0.5 percent to 12.15 yuan. Founder Securities Co lost 1.1 percent to 4.55 yuan. Haitong Securities Co fell 1.2 percent to 9.72 yuan.
The key Shanghai Composite Index gained 0.23 percent to 2,166.02. Turnover stood at 30 billion yuan (US$4.7 billion) by midday.
China's Consumer Price Index in July rose 1.8 percent from a year earlier, a drop from June's rate of 2.2 percent, the National Bureau of Statistics said today. The rate is in line with the market expectation of below 2 percent and gives room for monetary policy easing.
Li Xunlei, chief economist at Haitong Securities, expects the central bank to cut the reserve requirement ratio again in the remaining months of this year.
Most oil-related stocks advanced this morning on speculation the government may raise the retail prices of refined oil tomorrow as international oil prices are rising. China Oilfield Services Limited gained 1.7 percent to 17.19 yuan. Offshore Oil Engineering Co rose 1.2 percent to 5.94 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, added 0.5 percent to 6.13 yuan.
Property developers advanced as well, boosted by robust home sales. China Vanke, the nation's biggest developer, gained 1.5 percent to 9.06 yuan. Poly Real Estate, the second largest developer, climbed 2 percent to 10.97 yuan. Gemdale Corporation increased 2.2 percent to 5.67 yuan.
Brokerages traded lower in the morning session. Citic Securities, the biggest listed brokerage, shed 0.5 percent to 12.15 yuan. Founder Securities Co lost 1.1 percent to 4.55 yuan. Haitong Securities Co fell 1.2 percent to 9.72 yuan.
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