Index ends 7-week win streak
By Hu Xiaocen |
March 10, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks rose yesterday on speculation over easing of monetary policy as China's inflation eased more than expected in February.
The Shanghai Composite Index advanced 0.79 percent to 2,439.46 points. The index lost 0.86 percent this week after a seven-week winning streak.
The National Bureau of Statistics yesterday reported a lower-than-expected inflation of 3.2 percent in February, 1.3 percentage points lower than January's figure and the lowest in 20 months.
February's inflation rate stands below the country's one-year term deposit rate of 3.5 percent.
Teng Tai, chief economist at Minsheng Securities, projected further easing of monetary policy by the government, including two more reserve requirement cuts for banks in the first half of this year.
Li Xunlei, chief economist at Haitong Securities, predicted China's inflation for the whole year to be as low as about 3 percent. "Monetary policy will be relaxed. There might be two or three cuts in the reserve requirement ratio this year."
Lenders were mixed. China Merchants Bank advanced 0.4 percent to 12.51 yuan (US$1.98). The Bank of China retreated 0.33 percent to 3.01 yuan.
Coal producers gained after the National Energy Board said the 12th Five-Year Plan for the coal industry will be released this month.
China Shenhua Energy, the nation's biggest coal producer, rose 1.23 percent to 27.07 yuan, and China Coal Energy gained 1.67 percent to 9.73 yuan.
The Shanghai Composite Index advanced 0.79 percent to 2,439.46 points. The index lost 0.86 percent this week after a seven-week winning streak.
The National Bureau of Statistics yesterday reported a lower-than-expected inflation of 3.2 percent in February, 1.3 percentage points lower than January's figure and the lowest in 20 months.
February's inflation rate stands below the country's one-year term deposit rate of 3.5 percent.
Teng Tai, chief economist at Minsheng Securities, projected further easing of monetary policy by the government, including two more reserve requirement cuts for banks in the first half of this year.
Li Xunlei, chief economist at Haitong Securities, predicted China's inflation for the whole year to be as low as about 3 percent. "Monetary policy will be relaxed. There might be two or three cuts in the reserve requirement ratio this year."
Lenders were mixed. China Merchants Bank advanced 0.4 percent to 12.51 yuan (US$1.98). The Bank of China retreated 0.33 percent to 3.01 yuan.
Coal producers gained after the National Energy Board said the 12th Five-Year Plan for the coal industry will be released this month.
China Shenhua Energy, the nation's biggest coal producer, rose 1.23 percent to 27.07 yuan, and China Coal Energy gained 1.67 percent to 9.73 yuan.
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