Index flat as data see mixed response
By Pan Xiaoyi |
March 12, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed almost flat yesterday as investors were mixed toward China's February economic data that beat expectations.
The Shanghai Composite Index added 0.08 percent, or 2.36 points, to close at 3,051.28. Turnover shrank to 96.2 billion yuan (US$14.1 billion) from 98.7 billion yuan on Wednesday.
China's industrial production, investment, retail sales and trade in February, which were released yesterday by the National Bureau of Statistics, were better than expected.
Output grew 20.7 percent in January and February, against a 16.9 percent rise a year earlier, according to the bureau.
Urban fixed-asset investment jumped 26.6 percent annually to 1.3 trillion yuan in January and February, compared with an increase of 26.5 percent a year ago.
The Producer Price Index, which measures factory-gate inflation, climbed 5.4 percent year on year, the highest since November of 2008, while it rose 4.3 percent in January.
PetroChina, the index's biggest component, gained 0.7 percent to 12.94 yuan. Sinopec, Asia's largest oil refiner, rose 2 percent to 11.49 yuan.
Shanghai Pudong Development Bank Co rose 2.7 percent to 21.3 yuan. The Chinese partner of Citigroup Inc has agreed to sell shares to China Mobile. China CITIC Bank Corp added 1.1 percent to 7.18 yuan.
Consumer prices rose 2.7 percent last month from a year earlier, outpacing a 2.5 percent market expectation.
"Concerns are growing that an interest rate rise may occur soon as inflation climbed to a 16-month high," said He Jiawei, an analyst at S&E Securities Brokerage Co.
The Shanghai Composite Index added 0.08 percent, or 2.36 points, to close at 3,051.28. Turnover shrank to 96.2 billion yuan (US$14.1 billion) from 98.7 billion yuan on Wednesday.
China's industrial production, investment, retail sales and trade in February, which were released yesterday by the National Bureau of Statistics, were better than expected.
Output grew 20.7 percent in January and February, against a 16.9 percent rise a year earlier, according to the bureau.
Urban fixed-asset investment jumped 26.6 percent annually to 1.3 trillion yuan in January and February, compared with an increase of 26.5 percent a year ago.
The Producer Price Index, which measures factory-gate inflation, climbed 5.4 percent year on year, the highest since November of 2008, while it rose 4.3 percent in January.
PetroChina, the index's biggest component, gained 0.7 percent to 12.94 yuan. Sinopec, Asia's largest oil refiner, rose 2 percent to 11.49 yuan.
Shanghai Pudong Development Bank Co rose 2.7 percent to 21.3 yuan. The Chinese partner of Citigroup Inc has agreed to sell shares to China Mobile. China CITIC Bank Corp added 1.1 percent to 7.18 yuan.
Consumer prices rose 2.7 percent last month from a year earlier, outpacing a 2.5 percent market expectation.
"Concerns are growing that an interest rate rise may occur soon as inflation climbed to a 16-month high," said He Jiawei, an analyst at S&E Securities Brokerage Co.
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