Shares see biggest daily gain this month
Print Edition
SHANGHAI shares yesterday posted the biggest daily gain this month amid signs of a rebound in industrial demand.
The Shanghai Composite Index rose 1.64 percent to end at 3,033.96 points.
The index has rebounded 14.2 percent through yesterday from a January low.
China’s producer prices added 0.5 percent last month from February, the first gain since September 2013, official data showed yesterday.
Consumer prices rose 2.3 percent in March from a year earlier, and the inflation was flat from February’s.
The rise in producer prices signaled signs of stability for the cooling economy, according to analysts. They also pointed to a rise in foreign exchange reserves last week.
“The market has been on a bullish trend since March,” said Xie Dongming, an economist at Singapore’s OCBC Bank.
Steelmakers responded positively to the data as Wuhan Iron and Steel Co surged by the 10 percent daily limit to 3.49 yuan (54 US cents) as did Xiamen Tungsten Co to 20.30 yuan.
Financial companies also gained, with Citic Securities Co, the biggest brokerage in China, adding 2.66 percent to 17.39 yuan.
Investors were also cheered by a forecast of a 20 percent rebound for the Shanghai gauge in the near future made by Guotai Junan Securities Co’s chief analyst Ren Zeping over the weekend.
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