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Shanghai index up as inflation less severe than expected
By Feng Jianmin |
February 15, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended previous gains after official inflation data unveiled today came out below expectations due to changes of weighting.
The Shanghai Composite Index rose 0.63 percent to close at 2,917.53 by the noon break. Turnover was 92.1 billion yuan (US$14 billion), slightly lower than yesterday morning's 96.4 billion yuan.
After reducing weight of food, China's consumer prices reported a less-than-expected rise of 4.9 percent in January, according to China's top statistics bureau. The figure compared with most market expectations of more than 5 percent.
But it was still higher than December's 4.6 percent amid bad weather and rising demands prior to the Spring Festival holiday.
The re-weighting has reduced the figure by 0.3 percentage point, a CITIC Securities report said.
Analysts were still cautious about market outlook due to further tightening monetary and property policies to curb inflation, Haitong Securities wrote in a note.
Copper producers jumped after prices hit a record of US$10,190 a ton in London yesterday. The most traded May copper futures in Shanghai also posted a 1 percent growth to 76,760 yuan per ton.
Jiangxi Copper Co, China's largest producer of the metal, jumped 5 percent to 43.09 yuan. Shenzhen Zhongjin Lingnan Nonfemet Co similarly grew 3.3 percent to 20.85 yuan.
Property developers led the decliners after 21st Century Business Herald reported that China may raise the interest rate on existing mortgages for second homes to 1.1 to 1.2 times the benchmark rate under a trial program in Beijing and Shanghai.
Gemdale Corp lost 1.1 percent to 7.02 yuan. Poly Real Estate Development Co dipped 0.5 percent to 13.35 yuan.
The Shanghai Composite Index rose 0.63 percent to close at 2,917.53 by the noon break. Turnover was 92.1 billion yuan (US$14 billion), slightly lower than yesterday morning's 96.4 billion yuan.
After reducing weight of food, China's consumer prices reported a less-than-expected rise of 4.9 percent in January, according to China's top statistics bureau. The figure compared with most market expectations of more than 5 percent.
But it was still higher than December's 4.6 percent amid bad weather and rising demands prior to the Spring Festival holiday.
The re-weighting has reduced the figure by 0.3 percentage point, a CITIC Securities report said.
Analysts were still cautious about market outlook due to further tightening monetary and property policies to curb inflation, Haitong Securities wrote in a note.
Copper producers jumped after prices hit a record of US$10,190 a ton in London yesterday. The most traded May copper futures in Shanghai also posted a 1 percent growth to 76,760 yuan per ton.
Jiangxi Copper Co, China's largest producer of the metal, jumped 5 percent to 43.09 yuan. Shenzhen Zhongjin Lingnan Nonfemet Co similarly grew 3.3 percent to 20.85 yuan.
Property developers led the decliners after 21st Century Business Herald reported that China may raise the interest rate on existing mortgages for second homes to 1.1 to 1.2 times the benchmark rate under a trial program in Beijing and Shanghai.
Gemdale Corp lost 1.1 percent to 7.02 yuan. Poly Real Estate Development Co dipped 0.5 percent to 13.35 yuan.
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