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Stocks hit 2-week high amid volatility
By Lu Nengneng |
April 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose to a two-week high today after swinging between gains and losses as it remains unclear whether policy makers will use more monetary easing to pull China out of an economic downturn while keeping a lid on inflation.
The key benchmark Shanghai Composite Index, which dropped as much as 1.06 percent in early trade, closed 0.13 percent up at 2,308.93 points. Turnover stood at 67.5 billion yuan (US$10.7 billion).
Investors were divided on the future liquidity situation as the risks of a further inflation rebound and economic slowdown co-exist. China's inflation rate went up from 3.2 percent in February to 3.6 percent in March while the growth of China's outbound and inbound shipments, paced at 8.9 percent and 5.3 percent, was far below their respective 18.4 percent and 39.6 percent increase in February.
Chen Jianhua, analyst at Yintai Securities, said recent economic data have produced turbulence in the market as investors were unsure when China's economic growth will bottom out and how the inflation situation will affect the macro-controls.
Property and machinery heavyweights led the advance today. China Vanke, the country's biggest developer, climbed 0.8 percent to 8.49 yuan. Poly Real Estate gained 1 percent to 11.78 yuan. Sany Heavy Industry Co jumped up 2.6 percent to 14 yuan.
Steel makers and metal producers were among the biggest losers. Inner Mongolia Baotou Steel was down 1.2 percent to 6.41 yuan. Jiangxi Copper tumbled 0.9 percent to 24.37 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 2.8 percent to 68.08 yuan.
The key benchmark Shanghai Composite Index, which dropped as much as 1.06 percent in early trade, closed 0.13 percent up at 2,308.93 points. Turnover stood at 67.5 billion yuan (US$10.7 billion).
Investors were divided on the future liquidity situation as the risks of a further inflation rebound and economic slowdown co-exist. China's inflation rate went up from 3.2 percent in February to 3.6 percent in March while the growth of China's outbound and inbound shipments, paced at 8.9 percent and 5.3 percent, was far below their respective 18.4 percent and 39.6 percent increase in February.
Chen Jianhua, analyst at Yintai Securities, said recent economic data have produced turbulence in the market as investors were unsure when China's economic growth will bottom out and how the inflation situation will affect the macro-controls.
Property and machinery heavyweights led the advance today. China Vanke, the country's biggest developer, climbed 0.8 percent to 8.49 yuan. Poly Real Estate gained 1 percent to 11.78 yuan. Sany Heavy Industry Co jumped up 2.6 percent to 14 yuan.
Steel makers and metal producers were among the biggest losers. Inner Mongolia Baotou Steel was down 1.2 percent to 6.41 yuan. Jiangxi Copper tumbled 0.9 percent to 24.37 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 2.8 percent to 68.08 yuan.
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