Shares rise to 2-week high on weaker CPI
Print Edition
SHANGHAI shares rose to a two-week high yesterday after monthly price data suggested that the world’s second-biggest economy may be showing signs of stability.
The Shanghai Composite Index added 0.7 percent to end at 3,025.68 points, its highest close since July 26. The gauge has gained 1.4 percent in the past four months, hovering around the key 3,000-point level.
China Film Co, the nation’s largest movie distributor, jumped 44 percent on its Shanghai debut. Companies in the consumer staples sector and industrial firms paced advances, with liquor maker Kweichow Moutai Co adding 2.48 percent to 315.75 yuan (US$47.40). China State Construction Engineering Corp gained 3.9 percent to 6.14 yuan.
Investors were relieved that China’s consumer price inflation rose at its weakest pace in six months, according to data released yesterday.
“The data show the economy is stabilizing and it’s in better shape now,” Wang Chen, a partner with Xufunds Investment Management Co, told Bloomberg News.
The consumer price index rose 1.8 percent in July from a year earlier, while the producer price index fell 1.7 percent.
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