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Shanghai index gains most in 2 months
February 15, 2011, Tuesday
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Print Edition
Print Edition
FENG Jianmin
SHANGHAI'S key stock index yesterday gained the most in two months on speculation inflation will be lower than expected, easing concerns of more interest rate increases, while trade data showed a recovery in exports.
The Shanghai Composite Index jumped 2.54 percent to close at 2,899.13. Turnover increased to 180 billion yuan (US$27.3 billion) from last Friday's 127.7 billion yuan.
Ba Shusong, a government economist, said the Consumer Price Index for January may be lower than market expectations, Xinhua news agency reported yesterday.
Reuters also cited unidentified traders as saying the CPI may have risen 4.9 percent in January from the same period last year, lower than market expectations of 5 to 5.5 percent.
But the CPI data, which will be released today, may be the result of changes to the index's weighting, the report said.
The General Administration of Customs yesterday reported exports jumped 37.7 percent in January from the same period last year while imports increased 51 percent.
The rise in exports was stronger than December's 17.9 percent and beat analysts' expectations of about 22 percent, market watchers said.
"Market liquidity has improved this month, and about 300 billion yuan in central bank bills will mature by the end of this month," said Chen Ruiming, an analyst with Haitong Securities. "The rumors of lower inflation may also have lifted sentiment."
Brokerages led the gains after nine firms reported profits and one posted a loss in January. The 10 brokers earned a combined profit of 765 million yuan last month, more than 80 percent less than December. The drop was attributed to a surge in profits in December, when brokerages sold off a lot of shares.
SHANGHAI'S key stock index yesterday gained the most in two months on speculation inflation will be lower than expected, easing concerns of more interest rate increases, while trade data showed a recovery in exports.
The Shanghai Composite Index jumped 2.54 percent to close at 2,899.13. Turnover increased to 180 billion yuan (US$27.3 billion) from last Friday's 127.7 billion yuan.
Ba Shusong, a government economist, said the Consumer Price Index for January may be lower than market expectations, Xinhua news agency reported yesterday.
Reuters also cited unidentified traders as saying the CPI may have risen 4.9 percent in January from the same period last year, lower than market expectations of 5 to 5.5 percent.
But the CPI data, which will be released today, may be the result of changes to the index's weighting, the report said.
The General Administration of Customs yesterday reported exports jumped 37.7 percent in January from the same period last year while imports increased 51 percent.
The rise in exports was stronger than December's 17.9 percent and beat analysts' expectations of about 22 percent, market watchers said.
"Market liquidity has improved this month, and about 300 billion yuan in central bank bills will mature by the end of this month," said Chen Ruiming, an analyst with Haitong Securities. "The rumors of lower inflation may also have lifted sentiment."
Brokerages led the gains after nine firms reported profits and one posted a loss in January. The 10 brokers earned a combined profit of 765 million yuan last month, more than 80 percent less than December. The drop was attributed to a surge in profits in December, when brokerages sold off a lot of shares.
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