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Slower inflation boosts Shanghai shares
By Ye Zhen |
April 9, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks gained this morning as concern about monetary tightening eased after data showed China's inflation slowed in March.
The key Shanghai Composite Index rose 0.44 percent to 2,221.42 points by midday. The turnover was 42.7 billion yuan (US$6.9 billion).
China's Consumer Price Index for March climbed 2.1 percent from a year earlier, down from a 10-month high of 3.2 percent in February, the National Bureau of Statistics said today.
Food prices went up 2.7 percent from a year earlier in March, moderating from February's 6 percent, the data showed.
"Inflation growth slowed in March thanks to a decline of food prices, which provided more leeway for the central government to adjust the monetary policy," said Qu Hongbin, HSBC's chief economist for China.
Non-ferrous metals producers led the market up. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, advanced 3.7 percent to 29.09 yuan. Xiamen Tungsten Co surged 7.8 percent to 32.88 yuan. Rising Nonferrous Metals Share Co increased 5.4 percent to 48.22 yuan.
Brokerages gained as well. CITIC Securities, China's biggest listed brokerage, added 1.4 percent to 12.07 yuan. Founder Securities Co rose 3.1 percent to 7.40 yuan. Haitong Securities Co climbed 2.1 percent to 10.14 yuan.
Property developers also advanced. Poly Real Estate, China's second-largest developer, rose 1.6 percent to 11.77 yuan. Gemdale Corporation increased 2.6 percent to 6.65 yuan.
The key Shanghai Composite Index rose 0.44 percent to 2,221.42 points by midday. The turnover was 42.7 billion yuan (US$6.9 billion).
China's Consumer Price Index for March climbed 2.1 percent from a year earlier, down from a 10-month high of 3.2 percent in February, the National Bureau of Statistics said today.
Food prices went up 2.7 percent from a year earlier in March, moderating from February's 6 percent, the data showed.
"Inflation growth slowed in March thanks to a decline of food prices, which provided more leeway for the central government to adjust the monetary policy," said Qu Hongbin, HSBC's chief economist for China.
Non-ferrous metals producers led the market up. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, advanced 3.7 percent to 29.09 yuan. Xiamen Tungsten Co surged 7.8 percent to 32.88 yuan. Rising Nonferrous Metals Share Co increased 5.4 percent to 48.22 yuan.
Brokerages gained as well. CITIC Securities, China's biggest listed brokerage, added 1.4 percent to 12.07 yuan. Founder Securities Co rose 3.1 percent to 7.40 yuan. Haitong Securities Co climbed 2.1 percent to 10.14 yuan.
Property developers also advanced. Poly Real Estate, China's second-largest developer, rose 1.6 percent to 11.77 yuan. Gemdale Corporation increased 2.6 percent to 6.65 yuan.
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