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Shares rise as price growth slower than expected
By Feng Jianmin |
June 14, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session after data showed inflation in May was slower than expected.
The benchmark Shanghai Composite Index added 1.01 percent to 2,727.57 points. Turnover jumped to 53.8 billion yuan (US$8.3 billion) from yesterday morning's 33.7 billion yuan.
China's top statistic bureau said today that consumer price index, a measure of inflation, rose 5.5 percent in May from a year earlier. The figure was the highest in 34 months, but was slightly lower than market expectations of 5.6 percent.
Property developers led the gainers after data showed that investment in the property sector rose 34.6 percent in the first five months from the same period last year. A measure for the prosperity of the sector rose for the fourth month to 103.2 points, slightly higher than last month's 103.19.
China Vanke, China's largest property developer, rose 3.8 percent to 8.20 yuan. Gemdale Corp jumped 7.6 percent to 6.23 yuan.
Cement makers rallied on speculation that demand will increase as more homes will be built. Anhui Conch Cement Co added 4 percent to 36.49 yuan. Jiangxi Wannianqing Cement Co climbed 6.5 percent to 14.53 yuan.
A report by China International Capital Corporation said that the average price for cement rose 0.5 percent last week, and the low valuation will support growth of the shares in the next three to six months.
The benchmark Shanghai Composite Index added 1.01 percent to 2,727.57 points. Turnover jumped to 53.8 billion yuan (US$8.3 billion) from yesterday morning's 33.7 billion yuan.
China's top statistic bureau said today that consumer price index, a measure of inflation, rose 5.5 percent in May from a year earlier. The figure was the highest in 34 months, but was slightly lower than market expectations of 5.6 percent.
Property developers led the gainers after data showed that investment in the property sector rose 34.6 percent in the first five months from the same period last year. A measure for the prosperity of the sector rose for the fourth month to 103.2 points, slightly higher than last month's 103.19.
China Vanke, China's largest property developer, rose 3.8 percent to 8.20 yuan. Gemdale Corp jumped 7.6 percent to 6.23 yuan.
Cement makers rallied on speculation that demand will increase as more homes will be built. Anhui Conch Cement Co added 4 percent to 36.49 yuan. Jiangxi Wannianqing Cement Co climbed 6.5 percent to 14.53 yuan.
A report by China International Capital Corporation said that the average price for cement rose 0.5 percent last week, and the low valuation will support growth of the shares in the next three to six months.
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