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Stocks close up despite surprise CPI jump
By Hu Xiaocen |
February 9, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged up despite the higher-than-expected Consumer Price Index in January.
The Shanghai Composite index gained 0.09 percent, to 2,349.59 at the trading close with turnover at 89.7 billion yuan (US$14.3 billion).
China's CPI grew 4.5 percent from a year earlier in January, the National Bureau of Statistics said on its website today 鈥 the first rebound in six months, as the weeklong Chinese New Year holiday stimulated spending and food prices rose.
Producer Price Inflation retreated to 0.7 percent from December's 1.7 percent, the lowest level in 26 months.
"Most analysts anticipated the CPI in January to be as much as December's 4.1 percent, however it's much higher than expected," said Liu Qiang, analyst at Guosen Securities. "Market expectation for easing monetary policy was dispelled by the soaring figure."
Property developers continued to rally on the central bank's pledge to meet demand from first-home buyers seeking loans, and support for construction of affordable housing projects. China Vanke, the nation's biggest listed developer jumped 1.45 percent to 7.7 yuan. Poly Real Estate Group surged 1.34 percent to 10.56 yuan. Xi'an Gree Real Estate soared 2.04 percent to 5.49 yuan.
Hu Shijie, analyst at Orient Securities did not recommend holding developers' stocks for the long term. "The government will unlikely loosen property curbs in 2012," he said in a TV program today.
"The CPI's seasonal rebound in January will continue in February," said Pan Mingli, analyst at Orient Securities. "The figure should drop in March."
The Shanghai Composite index gained 0.09 percent, to 2,349.59 at the trading close with turnover at 89.7 billion yuan (US$14.3 billion).
China's CPI grew 4.5 percent from a year earlier in January, the National Bureau of Statistics said on its website today 鈥 the first rebound in six months, as the weeklong Chinese New Year holiday stimulated spending and food prices rose.
Producer Price Inflation retreated to 0.7 percent from December's 1.7 percent, the lowest level in 26 months.
"Most analysts anticipated the CPI in January to be as much as December's 4.1 percent, however it's much higher than expected," said Liu Qiang, analyst at Guosen Securities. "Market expectation for easing monetary policy was dispelled by the soaring figure."
Property developers continued to rally on the central bank's pledge to meet demand from first-home buyers seeking loans, and support for construction of affordable housing projects. China Vanke, the nation's biggest listed developer jumped 1.45 percent to 7.7 yuan. Poly Real Estate Group surged 1.34 percent to 10.56 yuan. Xi'an Gree Real Estate soared 2.04 percent to 5.49 yuan.
Hu Shijie, analyst at Orient Securities did not recommend holding developers' stocks for the long term. "The government will unlikely loosen property curbs in 2012," he said in a TV program today.
"The CPI's seasonal rebound in January will continue in February," said Pan Mingli, analyst at Orient Securities. "The figure should drop in March."
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