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Stocks gain 0.4% in volatile morning trade
By Hu Xiaocen |
March 9, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning trade after swinging between gains and losses on February inflation data.
The Shanghai Composite Index gained 0.4 percent, or 9.68 points, to 2,429.95, with turnover of 50.5 billion yuan (US$8 billion).
China's Consumer Price Index rose 3.2 percent in February from the same period last year, the lowest growth in 20 months, said the National Bureau of Statistics in a statement today.
Cooling inflation was generally expected by the market. Various institutions have made forecasts before the official announcement that the February figure would stand between 3.2 to 3.5 percent.
"China's inflation has entered a downward spiral, pacing a slower growth than previous years," said Pan Xiangdong earlier, chief economist at Galaxy Securities.
China's economic growth and inflation will fall this year on the deteriorating external environment, property market correction and industry overcapacity, the Ministry of Industry and Information Technology said in a statement yesterday.
Commodity producers advanced as metal and oil prices rose. Jiangxi Copper, China's biggest producer of the metal, added 1.23 percent to 26.41 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, edged up 0.67 percent to 7.54 yuan.
The Shanghai Stock Exchange introduced new measures to limit speculative manipulation of shares yesterday. Brokerages were mixed. Industrial Securities jumped 1.97 percent to 11.88 yuan. Haitong Securities Co, edged up 0.31 percent to 9.7 yuan. China Merchants Securities Co, lost 1.09 percent to 12.7 yuan.
The Shanghai Composite Index gained 0.4 percent, or 9.68 points, to 2,429.95, with turnover of 50.5 billion yuan (US$8 billion).
China's Consumer Price Index rose 3.2 percent in February from the same period last year, the lowest growth in 20 months, said the National Bureau of Statistics in a statement today.
Cooling inflation was generally expected by the market. Various institutions have made forecasts before the official announcement that the February figure would stand between 3.2 to 3.5 percent.
"China's inflation has entered a downward spiral, pacing a slower growth than previous years," said Pan Xiangdong earlier, chief economist at Galaxy Securities.
China's economic growth and inflation will fall this year on the deteriorating external environment, property market correction and industry overcapacity, the Ministry of Industry and Information Technology said in a statement yesterday.
Commodity producers advanced as metal and oil prices rose. Jiangxi Copper, China's biggest producer of the metal, added 1.23 percent to 26.41 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, edged up 0.67 percent to 7.54 yuan.
The Shanghai Stock Exchange introduced new measures to limit speculative manipulation of shares yesterday. Brokerages were mixed. Industrial Securities jumped 1.97 percent to 11.88 yuan. Haitong Securities Co, edged up 0.31 percent to 9.7 yuan. China Merchants Securities Co, lost 1.09 percent to 12.7 yuan.
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