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Shanghai stock rise as inflation worries ease
By Ding Yining |
February 11, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S stock market edged up in the morning session as China reported a slower growth in consumer prices in January. However, turnover remained lukewarm ahead of the Lunar New Year holiday.
The benchmark Shanghai Composite Index was up 0.16 percent, or 4.67 points, to close at 2,987.17 points. Turnover was 35 billion yuan(US$5 billion). Losers outnumbered gainers 483 to 353, and 81 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, ended 0.24 percent higher to close at 1,120.10 points.
China's consumer prices rose for the third month in January, adding 1.5 percent from a year ago, lower than the previous estimate around 1.8 percent, the National Bureau of Statistics reported this morning. The Producer Price Index, the factory gate inflation gauge, climbed 4.3 percent, the most since October 2008.
Domestic banks lent 1.39 trillion yuan in January in anticipation of monetary policy tightening, the central bank said on its Website today. The amount was more than the total amount in the previous three months.
Banks showed mixed results. Shanghai Pudong Development Bank dipped 0.10 percent to 19.66 yuan. Bank of Communications edged up 0.24 percent to 8.21 yuan. China Merchants Bank was down 0.19 percent to 15.50 yuan.
Real estate developers recovered from earlier losses. Poly Real Estate Group added 1.63 percent to 19.36 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.76 percent to 9.28 yuan. Gemdale Corporation advanced 2.35 percent to 12.18 yuan.
Metal producers also lifted the index. Yunnan Copper Co added 1.15 percent to 25.58 yuan. Aluminum Corporation of China Ltd rose 0.89 percent to 12.50 yuan. Zhongjin Gold Mining Co climbed 1.33 percent to 49.48 yuan.
TCL Corp, the nation's biggest listed consumer-electronics maker, said sales of LCD televisions doubled from a year ago to 1.07 million units in January. Its shares advanced 1.69 percent to 5.41 yuan.
The benchmark Shanghai Composite Index was up 0.16 percent, or 4.67 points, to close at 2,987.17 points. Turnover was 35 billion yuan(US$5 billion). Losers outnumbered gainers 483 to 353, and 81 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, ended 0.24 percent higher to close at 1,120.10 points.
China's consumer prices rose for the third month in January, adding 1.5 percent from a year ago, lower than the previous estimate around 1.8 percent, the National Bureau of Statistics reported this morning. The Producer Price Index, the factory gate inflation gauge, climbed 4.3 percent, the most since October 2008.
Domestic banks lent 1.39 trillion yuan in January in anticipation of monetary policy tightening, the central bank said on its Website today. The amount was more than the total amount in the previous three months.
Banks showed mixed results. Shanghai Pudong Development Bank dipped 0.10 percent to 19.66 yuan. Bank of Communications edged up 0.24 percent to 8.21 yuan. China Merchants Bank was down 0.19 percent to 15.50 yuan.
Real estate developers recovered from earlier losses. Poly Real Estate Group added 1.63 percent to 19.36 yuan. China Vanke Co, the biggest listed domestic real estate developer, edged up 0.76 percent to 9.28 yuan. Gemdale Corporation advanced 2.35 percent to 12.18 yuan.
Metal producers also lifted the index. Yunnan Copper Co added 1.15 percent to 25.58 yuan. Aluminum Corporation of China Ltd rose 0.89 percent to 12.50 yuan. Zhongjin Gold Mining Co climbed 1.33 percent to 49.48 yuan.
TCL Corp, the nation's biggest listed consumer-electronics maker, said sales of LCD televisions doubled from a year ago to 1.07 million units in January. Its shares advanced 1.69 percent to 5.41 yuan.
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