Hopes of slower inflation lift index
By Feng Jianmin |
March 2, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index edged up yesterday amid market expectations that inflation in February may continue to slow. A slower growth in manufacturing also eased fears of more tightening measures to tame inflation.
The Shanghai Composite Index closed 0.5 percent higher at 2,918.92. Turnover expanded to 172 billion yuan (US$26.2 billion) from 148 billion yuan on Monday.
Zhang Ping, head of the National Development and Reform Commission, China's top economic planning agency, said February consumer prices "were growing slower" as government measures to curb rising prices were taking effect.
Economists with the Bank of Communications and the Industrial Bank forecast February's Consumer Price Index at between 4.4 and 4.9 percent, while China International Capital Corp said CPI would be between 4.9 and 5.1 percent, slightly higher than January's 4.9 percent.
China's official Purchasing Managers' Index showing February manufacturing expanded at the slowest pace in six months to 52.2, a drop from 52.9 in January.
Analysts believed the slowdown suggests the government tightening steps are starting to rein in excessive growth and inflation.
Cement producers rose. Anhui Conch Cement Co rose 2.6 percent to 35.51 yuan. Gansu Qilianshan Cement Group Co advanced 4.1 percent to 19.26 yuan.
The Shanghai Composite Index closed 0.5 percent higher at 2,918.92. Turnover expanded to 172 billion yuan (US$26.2 billion) from 148 billion yuan on Monday.
Zhang Ping, head of the National Development and Reform Commission, China's top economic planning agency, said February consumer prices "were growing slower" as government measures to curb rising prices were taking effect.
Economists with the Bank of Communications and the Industrial Bank forecast February's Consumer Price Index at between 4.4 and 4.9 percent, while China International Capital Corp said CPI would be between 4.9 and 5.1 percent, slightly higher than January's 4.9 percent.
China's official Purchasing Managers' Index showing February manufacturing expanded at the slowest pace in six months to 52.2, a drop from 52.9 in January.
Analysts believed the slowdown suggests the government tightening steps are starting to rein in excessive growth and inflation.
Cement producers rose. Anhui Conch Cement Co rose 2.6 percent to 35.51 yuan. Gansu Qilianshan Cement Group Co advanced 4.1 percent to 19.26 yuan.
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