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Shares rise on hopes for stimulus measures
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SHANGHAI stocks closed higher yesterday, as investors expected China to roll out more stimulus measures amid weak economic data.
The Shanghai Composite Index gained 2.93 percent to 2,940.01 points after falling more than 5 percent on Tuesday.
China’s inflation rate eased to 1.4 percent in November from 1.6 percent in October, hitting its lowest since November 2009. Producer prices also fell for the 33rd straight month, down 2.7 percent from a year ago.
Minsheng Securities said the Chinese economy is suffering from a continued weakness. A cooling property market signified slowing demand for industrial production, which led to the lower-than-expected Producer Price Index.
The brokerage predicted an easing in monetary policies and a bank reserve requirement ratio reduction in the near term, as well as another interest rate cut after the central bank surprisingly trimmed interest rates for the first time in more than two years.
Investors shifted their attention to pollution solution companies which were expecting a government plan to substantially fight water pollution.
Tianjin Capital Environmental Protection and Zhejiang Feida Environmental Science & Technology both surged by the daily limit of 10 percent to 9.89 yuan (US$1.60) and 14.95 yuan.
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