Inflation data no bar to hit 4,000 mark
Print Edition
SHANGHAI stocks yesterday closed above the 4,000 mark for the first time since 2008, led by commodity and consumer shares which seemed to shrug off data on China’s consumer inflation.
The Shanghai Composite Index rose 1.94 percent to 4,034.31 points. The gauge closed at nearly 4,000 points on Wednesday. For the week, the index gained 4.4 percent.
Foreign-currency denominated B-shares trading in Shanghai also rallied. Shanghai’s US dollar-denominated B-share index SSEB rocketed 9 percent to a seven-year high in its largest one-day rally since 2009, with every index component rising by 10 percent, the maximum daily limit.
China’s March consumer inflation rate rose 1.4 percent from a year earlier. But the reading was higher than analysts’ estimates.
Zhu Haibin, chief economist at JP Morgan China, said the weak CPI largely reflected the seasonal impact after the Chinese New Year as prices of food, transport and tourism fell.
Nanjing Xinjiekou Department Store Co surged 9.99 percent to 40.17 yuan (US$6.47), Hangzhou Jiebai Group Co rallied 9.70 percent to 14.59 yuan, and China National Medicines Co rose 7.80 percent to 38.44 yuan.
The country’s producer price index showed that deflation continued as prices declined 4.6 percent, but that was a slightly lower than analysts’ projections of a 4.8 percent decrease.
Zhu said the deflation pressure narrowed somewhat as global oil and commodity prices seem to have recovered and stabilized recently.
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