Key index sees slight increase
By Feng Jianmin and Ding Yining |
June 12, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday with flat trading on growing inflation pressures.
The benchmark Shanghai Composite Index edged up 0.29 percent, or 7.36 points, to close at 2,569.94. Turnover shrank to 73.9 billion yuan (US$5.9 billion) from Thursday's 80.6 billion yuan. The index added a collective 0.6 percent this week.
The Chinese mainland stock markets will be closed for holidays and will reopen next Thursday.
The Consumer Price Index, the main gauge of inflation, rose 3.1 percent in May, the fastest pace in 19 months, the National Bureau of Statistics said yesterday. The figure is slightly higher than a government-set target of 3 percent for the whole year.
"Investor sentiment is still low out of concern of lacking of liquidity, and the market will remain flat after the holiday break with not much possibility of a big shift in macro-economic policies," Huatai Securities' Chen Huiqin said.
The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 7.1 percent in May from a year earlier, nearly 3 percentage points higher than that of April.
Banks remained stable. The Industrial and Commercial Bank of China added 0.72 percent to 4.17 yuan. The Bank of China and China Construction Bank remained unchanged at 3.55 and 6.22 yuan.
Coal miners pushed up the index. Zhengzhou Coal Industry and Electric Power Co advanced 3.43 percent to 9.34 yuan. Datong Coal Industry Co rose 1.07 percent to 33.12 yuan.
The metal sector picked up after copper and aluminum futures rose in London. Jiangxi Copper Co was 2.07 percent higher at 28.57 yuan. Aluminum Corp of China rose 1.38 percent to 10.32 yuan.
The benchmark Shanghai Composite Index edged up 0.29 percent, or 7.36 points, to close at 2,569.94. Turnover shrank to 73.9 billion yuan (US$5.9 billion) from Thursday's 80.6 billion yuan. The index added a collective 0.6 percent this week.
The Chinese mainland stock markets will be closed for holidays and will reopen next Thursday.
The Consumer Price Index, the main gauge of inflation, rose 3.1 percent in May, the fastest pace in 19 months, the National Bureau of Statistics said yesterday. The figure is slightly higher than a government-set target of 3 percent for the whole year.
"Investor sentiment is still low out of concern of lacking of liquidity, and the market will remain flat after the holiday break with not much possibility of a big shift in macro-economic policies," Huatai Securities' Chen Huiqin said.
The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 7.1 percent in May from a year earlier, nearly 3 percentage points higher than that of April.
Banks remained stable. The Industrial and Commercial Bank of China added 0.72 percent to 4.17 yuan. The Bank of China and China Construction Bank remained unchanged at 3.55 and 6.22 yuan.
Coal miners pushed up the index. Zhengzhou Coal Industry and Electric Power Co advanced 3.43 percent to 9.34 yuan. Datong Coal Industry Co rose 1.07 percent to 33.12 yuan.
The metal sector picked up after copper and aluminum futures rose in London. Jiangxi Copper Co was 2.07 percent higher at 28.57 yuan. Aluminum Corp of China rose 1.38 percent to 10.32 yuan.
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