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Stocks rally after 4 days of falls
By Ye Zhen |
April 9, 2013, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks gained the most in three weeks after falling for four straight days as concern about monetary tightening eased after data showed China's inflation slowed in March.
The key Shanghai Composite Index rose 0.64 percent, the biggest daily increase since March 20, to close at 2,225.78 points. Daily turnover was 73.1 billion yuan (US$11.8 billion).
China's Consumer Price Index for March climbed 2.1 percent from a year earlier, down from a 10-month high of 3.2 percent in February, the National Bureau of Statistics said today.
Food prices went up 2.7 percent from a year earlier in March, moderating from February's 6 percent, the data showed.
"The CPI growth was slower than a market expectation of 2.5 percent due to a decline in food prices and the government's campaign to cut public spending, which provided more leeway for the central government to adjust policy according to economic condition," analysts with Gaohua Securities said in a report today
Xiang Songzuo, chief economist of Agricultural Bank of China, said the lower-than-expected growth in both CPI and producer price index reflected that the recovery of real economy is weak and the possibility to tighten monetary policy has waned.
SAIC Motor Corporation Ltd led the advance of automakers, jumping 4.1 percent to 15.34 yuan, after reporting an annual increase of 17 percent in car sales in the first three months this year. Anhui Jianghuai Automobile Co surged 8.4 percent to 6.97 yuan on a robust growth of 24 percent in its first-quarter car sales.
Ping An Insurance (Group) Co gained among insurers after a report by Shanghai Securities News said insurers' premium income in the first quarter of 2013 is better than expected. China Pacific Insurance (Group) Co jumped 4.3 percent to 19.33 yuan.
The key Shanghai Composite Index rose 0.64 percent, the biggest daily increase since March 20, to close at 2,225.78 points. Daily turnover was 73.1 billion yuan (US$11.8 billion).
China's Consumer Price Index for March climbed 2.1 percent from a year earlier, down from a 10-month high of 3.2 percent in February, the National Bureau of Statistics said today.
Food prices went up 2.7 percent from a year earlier in March, moderating from February's 6 percent, the data showed.
"The CPI growth was slower than a market expectation of 2.5 percent due to a decline in food prices and the government's campaign to cut public spending, which provided more leeway for the central government to adjust policy according to economic condition," analysts with Gaohua Securities said in a report today
Xiang Songzuo, chief economist of Agricultural Bank of China, said the lower-than-expected growth in both CPI and producer price index reflected that the recovery of real economy is weak and the possibility to tighten monetary policy has waned.
SAIC Motor Corporation Ltd led the advance of automakers, jumping 4.1 percent to 15.34 yuan, after reporting an annual increase of 17 percent in car sales in the first three months this year. Anhui Jianghuai Automobile Co surged 8.4 percent to 6.97 yuan on a robust growth of 24 percent in its first-quarter car sales.
Ping An Insurance (Group) Co gained among insurers after a report by Shanghai Securities News said insurers' premium income in the first quarter of 2013 is better than expected. China Pacific Insurance (Group) Co jumped 4.3 percent to 19.33 yuan.
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