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Shanghai index up as inflation concern eases
By Feng Jianmin |
March 1, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI'S key stock index was up today after a senior central government official said that inflation in February may continue to slow, but growth was partly offset by concerns about slower manufacturing expansion.
The Shanghai Composite Index closed 0.47 percent higher at 2,918.92 after rising as much as 0.9 percent. Turnover expanded to 173.9 billion yuan (US$ 26.4 billion) from yesterday's 149.6 billion yuan.
Zhang Ping, head of China's top planning agency, said yesterday that February consumer prices "were growing more slowly" as the country's measures to curb growing food and energy prices were taking effect.
Economists with Bank of Communications and Industrial Bank expected February's Consumer Price Index to range between 4.4 percent and 4.9 percent, while CICC said the figure would be between 4.9 and 5.1 percent, higher than January's 4.9 percent.
The Shenzhen Component Index, which tracks the smaller mainland market, went up 0.36 percent to 12,948.7 after companies listed on the small and medium sized enterprises board reported strong sales for 2010. Data showed that total profits for 552 companies listed on the board grew 32.5 percent from the previous year.
The indexes gained despite official Purchasing Managers' Index released this morning showed that February manufacturing expanded at a slowest pace in six months. The index fell to 52.2 from 52.9 in January while input prices climbed to a three month high of 70.1, indicating strong price pressure for manufacturers.
Media sector led the gainers after Cai Wu, head of the Ministry of Culture, said yesterday that the target output of the news and publishing industry for the next five years is expected to hit 2.9 trillion yuan. Guangdong China Sunshine Media Co jumped 8 percent to 13.90 yuan.
Cement producers extended previous gains on the country's plan to build 36 million units of affordable homes in the next five years. Anhui Conch Cement Co rose 2.6 percent to 35.51 yuan. Tangshan Jidong Cement Co added 3.1 percent to 26.60 yuan.
The Shanghai Composite Index closed 0.47 percent higher at 2,918.92 after rising as much as 0.9 percent. Turnover expanded to 173.9 billion yuan (US$ 26.4 billion) from yesterday's 149.6 billion yuan.
Zhang Ping, head of China's top planning agency, said yesterday that February consumer prices "were growing more slowly" as the country's measures to curb growing food and energy prices were taking effect.
Economists with Bank of Communications and Industrial Bank expected February's Consumer Price Index to range between 4.4 percent and 4.9 percent, while CICC said the figure would be between 4.9 and 5.1 percent, higher than January's 4.9 percent.
The Shenzhen Component Index, which tracks the smaller mainland market, went up 0.36 percent to 12,948.7 after companies listed on the small and medium sized enterprises board reported strong sales for 2010. Data showed that total profits for 552 companies listed on the board grew 32.5 percent from the previous year.
The indexes gained despite official Purchasing Managers' Index released this morning showed that February manufacturing expanded at a slowest pace in six months. The index fell to 52.2 from 52.9 in January while input prices climbed to a three month high of 70.1, indicating strong price pressure for manufacturers.
Media sector led the gainers after Cai Wu, head of the Ministry of Culture, said yesterday that the target output of the news and publishing industry for the next five years is expected to hit 2.9 trillion yuan. Guangdong China Sunshine Media Co jumped 8 percent to 13.90 yuan.
Cement producers extended previous gains on the country's plan to build 36 million units of affordable homes in the next five years. Anhui Conch Cement Co rose 2.6 percent to 35.51 yuan. Tangshan Jidong Cement Co added 3.1 percent to 26.60 yuan.
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