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Optimism pervades as stocks climb at midday
By Ye Zhen |
June 11, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged up this morning as investors became optimistic after economic data for May came in stronger-than-expected.
The benchmark Shanghai Composite Index gained 0.32 percent, or 7.26 points to 2,288.70 points. Turnover stood at 25.8 billion yuan (US$4.1 billion) in morning trading.
The Consumer Price Index in May rose 3 percent from a year earlier, the National Bureau of Statistics said on Saturday. That compares with inflation of 3.4 percent a month earlier. Food prices gained 6.4 percent from a year earlier, the report showed.
"It is obvious the CPI has entered a downward path, which provides more room for easing monetary policy," said Peng Wensheng, chief economist at China International Capital Corporation Limited. Peng said he expects two more interest rate cuts totaling 50 basis points within the year.
China posted a trade surplus of US$18.7 billion in May, the General Administration of Customs said on Saturday. That compared with a surplus of US$18.4 billion a month earlier. Exports increased 15.3 percent from a year earlier, exceeding April's 4.9 percent, while imports climbed 12.7 percent, up from 0.3 percent the previous month.
Environmental protection related stocks outperformed on policy support. Beijing Capital Co, a company specializing in wastewater disposal, gained 1.4 percent to 5.15 yuan. Tianjin Capital Environmental Protection Group Co rose 2.3 percent to 5.68 yuan.
Insurers also rose in the morning session. China Life Insurance, the country's biggest insurer, gained 1.1 percent to 16.66 yuan. Ping An Insurance Co, China's second largest insurer, added 1.2 percent to 41.61 yuan.
Most cement producers lost. Zhejiang Jianfeng Group Co fell 1.4 percent to 12.66 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co dropped 3.7 percent to 13.29 yuan. While Anhui Conch Cement Co, the biggest Chinese cement producer, added 0.3 percent to 16.17 yuan.
The benchmark Shanghai Composite Index gained 0.32 percent, or 7.26 points to 2,288.70 points. Turnover stood at 25.8 billion yuan (US$4.1 billion) in morning trading.
The Consumer Price Index in May rose 3 percent from a year earlier, the National Bureau of Statistics said on Saturday. That compares with inflation of 3.4 percent a month earlier. Food prices gained 6.4 percent from a year earlier, the report showed.
"It is obvious the CPI has entered a downward path, which provides more room for easing monetary policy," said Peng Wensheng, chief economist at China International Capital Corporation Limited. Peng said he expects two more interest rate cuts totaling 50 basis points within the year.
China posted a trade surplus of US$18.7 billion in May, the General Administration of Customs said on Saturday. That compared with a surplus of US$18.4 billion a month earlier. Exports increased 15.3 percent from a year earlier, exceeding April's 4.9 percent, while imports climbed 12.7 percent, up from 0.3 percent the previous month.
Environmental protection related stocks outperformed on policy support. Beijing Capital Co, a company specializing in wastewater disposal, gained 1.4 percent to 5.15 yuan. Tianjin Capital Environmental Protection Group Co rose 2.3 percent to 5.68 yuan.
Insurers also rose in the morning session. China Life Insurance, the country's biggest insurer, gained 1.1 percent to 16.66 yuan. Ping An Insurance Co, China's second largest insurer, added 1.2 percent to 41.61 yuan.
Most cement producers lost. Zhejiang Jianfeng Group Co fell 1.4 percent to 12.66 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co dropped 3.7 percent to 13.29 yuan. While Anhui Conch Cement Co, the biggest Chinese cement producer, added 0.3 percent to 16.17 yuan.
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