Related News
Stocks inch up as producer prices fall for 16th straight month
By Ye Zhen |
July 9, 2013, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks inched up today amid light trading as investors adopted a cautious stance following data showing producer prices in China fell for a 16th consecutive month.
The benchmark Shanghai Composite Index added 7.18 points, or 0.37 percent, to 1,965.45 as the gains of materials stocks outweighed the losses of homebuilders. Daily trading volume slipped to 52.2 billion yuan (US$8.6 billion).
"The market seesawed today with a shrinking trading volume, indicating a prevailing cautious sentiment," said Qilu Securities.
Donghai Securities attributed part of the market gains to oversold rebound as the liquidity crunch is easing.
China's Consumer Price Index (CPI) in June rose 2.7 percent year on the year, accelerating from 2.1 percent in May and recording the fastest pace since February, the National Bureau of Statistics said today.
China's Producer Price Index (PPI), a major gauge of inflation at the wholesale level, fell 2.7 percent last month from a year earlier, the 16th straight month of decline.
Li Huiyong, analyst with Shenyin and Wanguo Securities, attributed the rebound of inflation to rising food prices and a low comparative base and said "the figure pointed to high deflationary pressure in the manufacturing sector due to dismal demand amid a sluggish economy."
"A moderate inflation leaves leeway for policy stimulus but the government is unlikely to take measures as China shows greater tolerance for slower expansion," Li said.
Gansu Qilianshan Cement Group Co gained among cement producers, rising 6.1 percent to 8.29 yuan as cement prices rebounded slightly last week. China Petroleum & Chemical Corp jumped 4.6 percent to 4.33 yuan.
Most property developers declined. Poly Real Estate, China's second-largest developer, fell 2.8 percent to 10.12 yuan. Gemdale Corp slumped 4.4 percent to 6.79 yuan.
The benchmark Shanghai Composite Index added 7.18 points, or 0.37 percent, to 1,965.45 as the gains of materials stocks outweighed the losses of homebuilders. Daily trading volume slipped to 52.2 billion yuan (US$8.6 billion).
"The market seesawed today with a shrinking trading volume, indicating a prevailing cautious sentiment," said Qilu Securities.
Donghai Securities attributed part of the market gains to oversold rebound as the liquidity crunch is easing.
China's Consumer Price Index (CPI) in June rose 2.7 percent year on the year, accelerating from 2.1 percent in May and recording the fastest pace since February, the National Bureau of Statistics said today.
China's Producer Price Index (PPI), a major gauge of inflation at the wholesale level, fell 2.7 percent last month from a year earlier, the 16th straight month of decline.
Li Huiyong, analyst with Shenyin and Wanguo Securities, attributed the rebound of inflation to rising food prices and a low comparative base and said "the figure pointed to high deflationary pressure in the manufacturing sector due to dismal demand amid a sluggish economy."
"A moderate inflation leaves leeway for policy stimulus but the government is unlikely to take measures as China shows greater tolerance for slower expansion," Li said.
Gansu Qilianshan Cement Group Co gained among cement producers, rising 6.1 percent to 8.29 yuan as cement prices rebounded slightly last week. China Petroleum & Chemical Corp jumped 4.6 percent to 4.33 yuan.
Most property developers declined. Poly Real Estate, China's second-largest developer, fell 2.8 percent to 10.12 yuan. Gemdale Corp slumped 4.4 percent to 6.79 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
