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Shanghai index rises most in 5 weeks on eased inflation concern
By Feng Jianmin |
January 19, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index rose the most in five weeks on speculation that inflation in December may have been cooler and economic growth in 2010 may have been stronger than expected.
The benchmark Shanghai Composite Index went up 1.81 percent to 2,758.10 points. Turnover rose to 91 billion yuan (US$13.8 billion) from yesterday's 68.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 2.4 percent at 1,211.64 points.
China's Consumer Price Index rose 4.6 percent in December from a month earlier, posting an annual rise of 3.3 percent from 2009, Hong Kong based Phoenix Television reported today. Some analysts previously expected the figure to exceed 5 percent.
The TV station also said that China's 2010 Gross Domestic Product grew 10.3 percent in 2010. The figure was higher than a market expectation of 10.1 percent, analysts said.
The program cited an unidentified official with the People's Bank of China as saying that the economic figures were "leaked" one day before they were to be officially released, but he did not confirm the reported figure.
Property developers rallied despite Premier Wen Jiabao's pledge that government would focus on reining in food prices and the housing market in the first quarter. Shanghai will levy a property tax on newly purchased spacious houses, according to Mayor Han Zheng. China Vanke rose 2.3 percent to 8.54 yuan. Poly Real Estate Co gained 2.4 percent to 13.92 yuan.
High speed railway firms surged after media reports said that the Chinese companies are likely to bid for high speed railway projects in the United States and United Kingdom has agreed to use Chinese technology to build its domestic high speed railway system. Jinxi Axle Co jumped by daily limit of 10 percent to 16.92 yuan. Both CNR Corp and CSR Corp, two leading rail car producer in China, surged by 10 percent after South China Morning Post said that the two companies are close to winning bids in UK.
Coal producers rose as demand remained high and shares prices were relative low after previous declines. Datong Coal Industry Co climbed 3.1 percent to 19.45 yuan. China Shenhua Energy Co, China's largest coal producer, added 1.6 percent to 24.10 yuan.
The benchmark Shanghai Composite Index went up 1.81 percent to 2,758.10 points. Turnover rose to 91 billion yuan (US$13.8 billion) from yesterday's 68.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 2.4 percent at 1,211.64 points.
China's Consumer Price Index rose 4.6 percent in December from a month earlier, posting an annual rise of 3.3 percent from 2009, Hong Kong based Phoenix Television reported today. Some analysts previously expected the figure to exceed 5 percent.
The TV station also said that China's 2010 Gross Domestic Product grew 10.3 percent in 2010. The figure was higher than a market expectation of 10.1 percent, analysts said.
The program cited an unidentified official with the People's Bank of China as saying that the economic figures were "leaked" one day before they were to be officially released, but he did not confirm the reported figure.
Property developers rallied despite Premier Wen Jiabao's pledge that government would focus on reining in food prices and the housing market in the first quarter. Shanghai will levy a property tax on newly purchased spacious houses, according to Mayor Han Zheng. China Vanke rose 2.3 percent to 8.54 yuan. Poly Real Estate Co gained 2.4 percent to 13.92 yuan.
High speed railway firms surged after media reports said that the Chinese companies are likely to bid for high speed railway projects in the United States and United Kingdom has agreed to use Chinese technology to build its domestic high speed railway system. Jinxi Axle Co jumped by daily limit of 10 percent to 16.92 yuan. Both CNR Corp and CSR Corp, two leading rail car producer in China, surged by 10 percent after South China Morning Post said that the two companies are close to winning bids in UK.
Coal producers rose as demand remained high and shares prices were relative low after previous declines. Datong Coal Industry Co climbed 3.1 percent to 19.45 yuan. China Shenhua Energy Co, China's largest coal producer, added 1.6 percent to 24.10 yuan.
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