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Hopes for easier policy uplifting for shares
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SHANGHAI stocks rose yesterday as investors speculated that the central government would ease monetary policy because China’s consumer inflation hit a five-year low in January.
The Shanghai Composite Index gained 1.5 percent to 3,141.59 points.
China’s Consumer Price Index rose 0.8 percent year on year last month, marking the weakest reading since November 2009. The reading was also below analysts’ outlook of 1 percent.
Meanwhile, the Producer Price Index also missed analysts’ forecasts when it dropped 4.3 percent — its 35th consecutive monthly decline.
China’s inflation has remained around five-year lows for the last few months due to weakness in its economy.
Morgan Stanley attributed the low CPI reading to sluggish growth in domestic demand. The US investment bank predicted February’s CPI to rebound above 1 percent, helped by the effect of Chinese New Year, which starts on February 19. It also expected China’s central bank to cut benchmark interest rates twice this year.
Property shares rose, with Metro Land surging 6.61 percent to 8.07 yuan (US$1.29), Beijing Capital Development jumping 4.93 percent to 9.80 yuan, and Xinhu Zhongbao gaining 3.7 percent to 7.29 yuan.
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