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Stock market rise defies higher inflation data
By Hu Xiaocen |
February 9, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index edged up in the morning session despite the accelerated Consumer Price Index in January.
The key index gained 0.02 percent, to 2,347.90 points by the noon break with turnover standing at 49.8 billion yuan (US$7.9 billion).
China's CPI grew 4.5 percent from a year earlier in January, the National Bureau of Statistics said on its website today.
Inflation rebound for the first time in six months, as the weeklong Chinese New Year holiday stimulated spending and food prices rose.
"Holiday distortion will not refrain the inflation from falling in the future. Surging food prices contributed to the CPI's rebound in January. February's reading is expected to drop below 4 percent," said Ba Shusong, a senior economist at the State Council's Development Research Center.
"As the CPI is higher than expected, easing monetary policy and a cut in banks' reserve requirements are very likely to be delayed," said Liu Yuanchun, deputy director of the Institute of Economic Research at Renmin University of China.
Lenders retreated 0.49 percent on average in the morning session. Industrial and Commercial Bank of China lost 0.45 percent to 4.39 yuan. Bank of Communications plunged 1.18 percent to 5.02 yuan. China Citic Bank climbed against the rest by 0.22 percent to 4.47 yuan.
The key index gained 0.02 percent, to 2,347.90 points by the noon break with turnover standing at 49.8 billion yuan (US$7.9 billion).
China's CPI grew 4.5 percent from a year earlier in January, the National Bureau of Statistics said on its website today.
Inflation rebound for the first time in six months, as the weeklong Chinese New Year holiday stimulated spending and food prices rose.
"Holiday distortion will not refrain the inflation from falling in the future. Surging food prices contributed to the CPI's rebound in January. February's reading is expected to drop below 4 percent," said Ba Shusong, a senior economist at the State Council's Development Research Center.
"As the CPI is higher than expected, easing monetary policy and a cut in banks' reserve requirements are very likely to be delayed," said Liu Yuanchun, deputy director of the Institute of Economic Research at Renmin University of China.
Lenders retreated 0.49 percent on average in the morning session. Industrial and Commercial Bank of China lost 0.45 percent to 4.39 yuan. Bank of Communications plunged 1.18 percent to 5.02 yuan. China Citic Bank climbed against the rest by 0.22 percent to 4.47 yuan.
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