Power and metals shares push index up
By Feng Jianmin |
May 10, 2011, Tuesday
|
Print Edition
Print Edition
Shanghai's stock market edged up yesterday, led by power generators and metal producers, as optimism over slower inflation outweighed concerns of an economic slowdown.
The Shanghai Composite Index gained 0.3 percent, or 8.57 points, to close at 2,872.46.
China will release major economic data tomorrow, and the market expects that April's inflation data will be flat or slightly lower than 5.4 percent in March as vegetable prices dropped. Investment in property may slow while retail sales are likely to grow at stable rates, market watchers said.
"Investors are watching as the government struggles between fast-growing inflation, high home prices and the need to maintain economic growth," a report by CITIC Securities said. "We think policy makers welcome a modest slowing of the economy."
The CITIC report predicted a weak market until the third quarter, and recommended shares in the consumption and transport sectors.
Power generators led the gainers on talk that China may raise electricity prices to cope with a power shortage in a number of provinces, including Zhejiang and Hunan. Huaneng Power International Inc surged 5 percent to 6.79 yuan (US$1.05).
Metal and gold producers rebounded after commodity prices rose, fueled by a stronger-than-forecast growth in jobs in the United States which bolstered confidence in the US economy.
Shandong Gold Mining Co increased 1.4 percent to 46.18 yuan.
The Shanghai Composite Index gained 0.3 percent, or 8.57 points, to close at 2,872.46.
China will release major economic data tomorrow, and the market expects that April's inflation data will be flat or slightly lower than 5.4 percent in March as vegetable prices dropped. Investment in property may slow while retail sales are likely to grow at stable rates, market watchers said.
"Investors are watching as the government struggles between fast-growing inflation, high home prices and the need to maintain economic growth," a report by CITIC Securities said. "We think policy makers welcome a modest slowing of the economy."
The CITIC report predicted a weak market until the third quarter, and recommended shares in the consumption and transport sectors.
Power generators led the gainers on talk that China may raise electricity prices to cope with a power shortage in a number of provinces, including Zhejiang and Hunan. Huaneng Power International Inc surged 5 percent to 6.79 yuan (US$1.05).
Metal and gold producers rebounded after commodity prices rose, fueled by a stronger-than-forecast growth in jobs in the United States which bolstered confidence in the US economy.
Shandong Gold Mining Co increased 1.4 percent to 46.18 yuan.
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