Post-holiday bump for stocks
Print Edition
CHINESE stocks gained on Monday, with most factories resuming work after the extended holiday.
The benchmark Shanghai Composite Index rose 0.51 percent to 2,890.49 points, while the smaller Shenzhen Component Index jumped 1.1 percent to 10,728.46 points. Meanwhile, the ChiNext Component Index continued to perform strongly, soaring 1.31 percent to 2,042.18 points, and the blue chip CSI300 Index closed 0.41 percent higher at 3,916.01 points.
Trading volume on the two major bourses totaled 885.8 billion yuan (US$126.9 billion), down from the previous session’s 929.6 billion yuan, while the mainland market saw a net outflow of 3.27 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.
Stocks of nearly 200 listed companies surged by the daily limit of 10 percent, while around 30 tumbled by 10 percent.
The agriculture, forestry, animal husbandry and fishery industries rallied from the previous session, with more than 20 companies in those sectors posting gains that hit the 10 percent cap. The surge can be attributed to the Consumer Price Index released on Monday, which rose both month on month and year on year due to the tight supply.
Sharp rise in latest CPI
The headline CPI in January jumped 5.4 percent from the same period last year, faster than expected and an eight-year high. Prices for food skyrocketed from a year earlier, serving as the major factor driving CPI growth.
Food prices grew 20.6 percent year on year last month, up from 17.4 percent in December, while non-food prices gained 1.6 percent, 0.3 percentage points higher than in December.
“The unexpected sharp rise in the CPI has some influence on the market, but it won’t last for long, as the Spring Festival effect has gone and traffic and logistics are gradually recovering,” said Wang Ansong, an analyst at Sinolink Securities.
Monday’s data also indicates that China’s producer price index, which measures costs for goods at the factory gate, rose 0.1 percent year on year in January.
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