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Shanghai index hikes as inflation concern eases
By Feng Jianmin |
February 14, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rallied in the morning session on speculation that China's inflation data due to be released tomorrow will be lower than expected, easing concerns for more controlling measures.
The Shanghai Composite Index jumped 1.75 percent to close at 2,876.81 by the noon break. Turnover continued to expand to 96.4 billion yuan (US$17.2 billion) from last Friday morning's 74.7 billion yuan.
China's official Consumer Price Index may rise 4.9 percent in January from the same period last year, lower than market expectations of 5 to 5.5 percent, Reuters reported today, citing unidentified traders.
But the surprising reading may have been the result of changes of the weighting of CPI, the report said.
China's top statistics bureau said on February 10 that it would reduce the weight of food prices in CPI starting from 2011. The food prices have surged in January due to bad weather and increasing demand before the Spring Festival.
Brokerages led the gainers after a batch of nine firms reported profits and one reported a loss in January. The 10 brokers made a total profit of 765 million yuan, more than 80 percent less than last December. But the decrease was mainly due to a surge of profits made from brokerages' selling shares last month.
China Merchants Securities climbed 4.6 percent to 19.16 yuan. GF Securities surged by 6.7 percent to 47.42 yuan.
Coal miners rose after reporting strong earnings in 2010. Huolinhe Opencut Coal Industry Co rose 3.6 percent to 23.78 yuan after reporting a 49 percent growth of profit in 2010. China Shenhua Energy Co added 3 percent after saying its profits rose 23 percent.
The Shanghai Composite Index jumped 1.75 percent to close at 2,876.81 by the noon break. Turnover continued to expand to 96.4 billion yuan (US$17.2 billion) from last Friday morning's 74.7 billion yuan.
China's official Consumer Price Index may rise 4.9 percent in January from the same period last year, lower than market expectations of 5 to 5.5 percent, Reuters reported today, citing unidentified traders.
But the surprising reading may have been the result of changes of the weighting of CPI, the report said.
China's top statistics bureau said on February 10 that it would reduce the weight of food prices in CPI starting from 2011. The food prices have surged in January due to bad weather and increasing demand before the Spring Festival.
Brokerages led the gainers after a batch of nine firms reported profits and one reported a loss in January. The 10 brokers made a total profit of 765 million yuan, more than 80 percent less than last December. But the decrease was mainly due to a surge of profits made from brokerages' selling shares last month.
China Merchants Securities climbed 4.6 percent to 19.16 yuan. GF Securities surged by 6.7 percent to 47.42 yuan.
Coal miners rose after reporting strong earnings in 2010. Huolinhe Opencut Coal Industry Co rose 3.6 percent to 23.78 yuan after reporting a 49 percent growth of profit in 2010. China Shenhua Energy Co added 3 percent after saying its profits rose 23 percent.
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