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Stock gains as inflation worry ebbs
By Feng Jianmin |
March 1, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session after a senior central government official said that inflation data in February may continue to fall.
The Shanghai Composite Index added 0.6 percent to 2,923.56. Turnover was 91.8 billion yuan (US$ 14 billion).
Zhang Ping, head of China's top planning agency, said yesterday that February consumer prices "were growing more slowly" as the country's measures to curb growing food and energy prices are taking effect.
The Shenzhen Component Index, which tracks the smaller mainland market, went up 0.6 percent to 12,981.85 after companies listed on the small and medium sized enterprises board reported strong sales reports for 2010. Data showed that total profits for 552 companies listed on the board grew 32.5 percent from the previous year.
The indexes gained despite official Purchasing Managers' Index released this morning showed that February manufacturing expanded at a slowest pace in six weeks. The index fell to 52.2 from 52.9 in January while input prices climbed to a three month high of 70.1, indicating strong price pressure for manufacturers.
Media sector led the gainers after Cai Wu, head of the Ministry of Culture, said yesterday that the target output of the news and publishing industry is expected to be 2.9 trillion yuan by 2015. Guangdong China Sunshine Media Co jumped 7.7 percent to 13.86 yuan.
Cement producers extended previous gains on the country's plan to build 36 million units of affordable homes in the next five years. Anhui Conch Cement Co rose 2.4 percent to 35.43 yuan. Tangshan Jidong Cement Co added 2.7 percent to 26.50 yuan.
The Shanghai Composite Index added 0.6 percent to 2,923.56. Turnover was 91.8 billion yuan (US$ 14 billion).
Zhang Ping, head of China's top planning agency, said yesterday that February consumer prices "were growing more slowly" as the country's measures to curb growing food and energy prices are taking effect.
The Shenzhen Component Index, which tracks the smaller mainland market, went up 0.6 percent to 12,981.85 after companies listed on the small and medium sized enterprises board reported strong sales reports for 2010. Data showed that total profits for 552 companies listed on the board grew 32.5 percent from the previous year.
The indexes gained despite official Purchasing Managers' Index released this morning showed that February manufacturing expanded at a slowest pace in six weeks. The index fell to 52.2 from 52.9 in January while input prices climbed to a three month high of 70.1, indicating strong price pressure for manufacturers.
Media sector led the gainers after Cai Wu, head of the Ministry of Culture, said yesterday that the target output of the news and publishing industry is expected to be 2.9 trillion yuan by 2015. Guangdong China Sunshine Media Co jumped 7.7 percent to 13.86 yuan.
Cement producers extended previous gains on the country's plan to build 36 million units of affordable homes in the next five years. Anhui Conch Cement Co rose 2.4 percent to 35.43 yuan. Tangshan Jidong Cement Co added 2.7 percent to 26.50 yuan.
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