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Economic data and banks lift index
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Shanghai stocks yesterday gained the most this year as China’s economic recovery gathered pace while lenders rose as the regulator may allow them to issue preferred shares to replenish capital.
The Shanghai Composite Index surged 3.4 percent, the biggest daily rise since December 14, to 2,212.52 points.
The Consumer Price Index, the main gauge of inflation, rose 2.6 percent year on year in August, easing from a 2.7-percent rise in July and June. The Producer Price Index, which tracks factory-gate inflation, fell 1.6 percent from a year earlier, narrowing from a 2.3 percent drop in July, data showed.
“The slight decline in consumer prices met market expectations and inflationary pressure is likely to drop further in September,’’ HSBC Jintrust Fund Management Co said yesterday. ‘‘A slowdown in PPI decline showed stability and recovery in the economy.”
Meanwhile the strong trade data released over the weekend showed August export growth rising 7.2 percent year on year from 5.1 percent in July.
Shanghai Pudong Development Bank and the Agricultural Bank of China both soared by the daily limit of 10 percent after the Economic Observer said they may be part of a program that lets banks issue preferred shares to raise funds.
A SPDB source told Shanghai Daily that the lender participated in a research on preferred shares with regulators, without confirming the accuracy of the Economic Observer report.
“The issuance of preferred shares will add to lenders’ core capital, enabling them to better meet regulatory capital requirement,’’ China Merchants Securities Co said in a report.
SPDB rose to 10.53 yuan while AgBank closed at 2.72 yuan.
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