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Stocks end up slightly after swinging with release of economic data
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SHANGHAI stocks swung between gains and losses for most of the day with a shrinking trading volume as investors digested a fresh set of economic data including inflation and trade.
The benchmark Shanghai Composite Index ended 0.05 percent higher to settle at 2,238.20 points. Turnover was 84.4 billion yuan (US$13.8 billion).
China’s Consumer Price Index rose 3 percent from a year earlier in November, eased from an increase of 3.2 percent in October due to a decline in food prices, data from the National Statistics Bureau showed this morning. The consumer-price inflation has been stayed above 3 percent for three months in a row.
The producer price index remained in a deflationary territory for the 21st consecutive month, falling 1.4 percent annually.
“The PPI figure showed no improvement compared with a month earlier, reflecting still difficult conditions among enterprises,” said Lu Zhengwei, chief economist at the Industrial Bank.
Data released by the General Administration of Customs yesterday showed China’s exports in November surged 12.7 percent year on year, compared with October’s gain of 5.6 percent and September’s decline of 0.3 percent. Imports rose 5.3 percent, slowing from a 7.6 percent increase in October, data showed.
More economic indicators including industrial production, investments and retail sales are coming out this week.
“We see a modest slowdown of growth rates of industrial output, retail sales and fixed asset investment, both in month-on-month and in year-on-year terms, as policymakers reduce stimulus,” Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Bank, said in a note today.
Environment protection-related shares advanced as air pollution continued to engulf eastern cities including Shanghai. Beijing Capital Co Ltd, which engages in the treatment of wastewater, rose 1.5 percent to 7.50 yuan. Tianjin Capital Environmental Protection Group Co Ltd gained 1.4 percent to 8.67 yuan.
Lenders slumped after the People’s Bank of China, the central bank, allowed banks to trade certificates of deposit on the interbank market, another step toward interest rate liberalization. Shanghai Pudong Development Bank Co lost 1.1 percent to 10.11 yuan. China Minsheng Banking Corp Ltd shed 0.7 percent to 8.49 yuan. Industrial Bank Co Ltd fell 0.7 percent to 10.71 yuan.
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