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Shanghai stocks up despite lingering inflation
By Feng Jianmin |
May 11, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock gauge closed slightly higher in the morning session despite data that showed higher-than-expected inflation figure.
The benchmark Shanghai Composite Index edged up 0.13 percent, or 3.69 points, to close at 2894.33. Turnover rose to 59.2 billion yuan (US$9.1 billion) from yesterday morning's 50.2 billion yuan.
China's top statistics bureau said this morning that April's Consumer Price Index, a major measure for inflation, was up 5.3 percent from last year. Industrial output grew at a slower-than-expected 13.4 percent from last year.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist with Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May."
Paper makers led the gainers on speculation that continuous appreciation of yuan will reduce companies' expenses to import raw materials. Fujian Qingshan Paper Industry Co jumped 9.4 percent to 5.47 yuan. Minfeng Special Paper Co climbed 2.8 percent to 9.23 yuan.
Property developers gained. Gemdale Corp rose 1.3 percent to 6.41 yuan. Poly Real Estate Development Co added 1.4 percent to 13.36 yuan.
The benchmark Shanghai Composite Index edged up 0.13 percent, or 3.69 points, to close at 2894.33. Turnover rose to 59.2 billion yuan (US$9.1 billion) from yesterday morning's 50.2 billion yuan.
China's top statistics bureau said this morning that April's Consumer Price Index, a major measure for inflation, was up 5.3 percent from last year. Industrial output grew at a slower-than-expected 13.4 percent from last year.
"The policy makers may need to watch the effect of tightening measures," said Lu Zhengwei, a senior economist with Industrial Bank. "The central bank may raise reserve requirements instead of interest rates in May."
Paper makers led the gainers on speculation that continuous appreciation of yuan will reduce companies' expenses to import raw materials. Fujian Qingshan Paper Industry Co jumped 9.4 percent to 5.47 yuan. Minfeng Special Paper Co climbed 2.8 percent to 9.23 yuan.
Property developers gained. Gemdale Corp rose 1.3 percent to 6.41 yuan. Poly Real Estate Development Co added 1.4 percent to 13.36 yuan.
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