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Shanghai stocks post highest surge this year as recovery gains steam
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SHANGHAI stocks gained the most this year, as recent data showed China’s economic recovery is gaining steam, while lenders jumped to secure the bounce amid speculation that the regulator may allow them to issue preferred shares to replenish capital.
The benchmark Shanghai Composite Index surged 3.4 percent, the biggest daily advance since December 14, to 2,212.52 points. Daily turnover was high at 178.9 billion yuan (US$29.3 billion).
Data from the National Bureau of Statistics showed the Consumer Price Index, the main gauge of inflation, rose 2.6 percent year on year in August, moderating from a rise of 2.7 percent in both July and June. The Producer Price Index, which tracks factory-gate inflation, fell 1.6 percent from a year earlier, narrowed from a 2.3 percent decline in July, data showed.
“The slight decline in consumer prices was in line with market expectation and inflationary pressure is likely to decrease further in September due to the falling carryover effect,” HSBC Jintrust Fund Management Co Ltd said in a note, “A slowdown in PPI decline added to signs of stabilization and recovery in the economy.
The figures came after strong trade data released over the weekend, with exports’ growth in August rising to 7.2 percent year on year from 5.1 percent in July.
“Rosy economic data provided impetus from blue chips and the upward trend is expected to continue amid rising expectations on reforms,” said Southwest Securities.
Shanghai Pudong Development Bank Co and Agricultural Bank of China Ltd both soared by the daily limit of 10 percent after the Economic Observer reported the two may participate in a pilot program to allow lenders to issue preferred shares to raise funds.
Shanghai Pudong Development Bank Co rose to 10.03 yuan while Agricultural Bank of China Ltd closed at 2.72 yuan.
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