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Shanghai shares gain on upbeat export, inflation data
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Shanghai stocks advanced this morning, boosted by encouraging January-September export data and modest inflation in September.
The benchmark Shanghai Composite Index rose 0.46 percent to 2,238.39 points. Trade volume stood at 88 billion yuan.
China's Consumer Price Index (CPI), the main gauge of inflation, grew 3.1 percent year on year in September, up from 2.6 percent in August, the National Bureau of Statistics said today.
"Food prices will remain the cause of concern for future CPI increases," said HSBC Jintrust Fund Management Company in a report. "The monetary policy will stay unchanged if the CPI is below 3.5 percent."
The report said the Chinese economy will stay mostly stable in fourth quarter.
The first nine months saw China’s CPI growing by 2.5 percent on average, well below the government target of 3.5 percent for the whole year.
The national statistics also showed the country’s Producer Price Index, which measures inflation at the wholesale level, fell 1.3 percent in September from a year before, though a paltry rise of 0.2 percent over August.
China's foreign trade in the first three quarters totaled 19.07 trillion yuan, a 7.7 percent increase over the same period of last year, the General Administration of Customs said at the weekend.
Meanwhile, more than 930 companies listed on the A-share market have issued their earnings forecasts with 60 percent expecting better performance this year, accroding to Wind Information Co, the country's leading financial data provider.
Xinjiang Talimu Agriculture Development Co led the agricultural shares, jumping by the daily limit 10 percent to 9.63 yuan.
Shanghai Waigaoqiao Free Trade Zone Development Co tumbled 6.22 percent to 51.25 yuan, the lowest in 10 trading days.
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