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Shanghai stocks jump on better CPI in August
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Shanghai shares surged this morning, helped by lenders, as a modest inflation in August boosted the market confidence. The benchmark Shanghai Composite Index jumped 3.03 percent to 2,204.75 points. Turnover reached 107.7 billion yuan (US$17.6 billion) by midday.
The August Consumer Price Index rose at an annualized 2.6 percent in August, down from July’s 2.7 percent. The Producer Price Index, which tracks factory-gate inflation, dropped 1.6 percent from a year earlier.
"After enduring the turbulence of emerging markets and Everbright Securities' fat-finger error and noticing China’s economy stabilizing, A-shares begin to show strong resilience," said Tu Jun, an analyst with Shanghai Securities. Shanghai shares rebound from a low of 1,849 points in late June.
"We expect the market will shift its focus from growth enterprises to traditional industries in the fourth quarter," Tu said.
Shanghai Pudong Development Bank Co soared by the daily limit of 10 percent this morning to 10.53 yuan. Bank of Communications Co also increased by the maximum to 4.51 yuan.
Ping An Bank Co jumped 9.97 percent to 12.13 yuan after it said it was planning to raise 14.8 billion yuan to improve its balance sheet and will sell 1.32 billion shares at 11.17 yuan each to Ping An Insurance Company.
Stocks that are benefiting from the free trade zone concept continued their bull run today with Shanghai Waigaoqiao Free Trade Zone Development Co rising 10 percent to 26.32 yuan. Waigaoqiao gained 70 percent in seven trading days since August 30.
Foreign investment banks upgraded their China growth forecast for the second half of 2013, citing better outlook and improving global demands.
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