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Stocks rise as IMF predicts soft landing for China
By Hu Xiaocen |
March 19, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks snapped out of its earlier losses, after International Monetary Fund official Zhu Min said China is heading to an economic soft-landing as investment remains firm.
The Shanghai Composite Index edged up 0.23 percent, or 5.45 points, to 2,410.18 with a turnover of 103 billion yuan (US$16.2 billion).
IMF's deputy managing director, Zhu Min said in Hong Kong today that, China will avoid an economic hard landing due to strong investment. But inflation remains a long-term challenge for China.
However, Zhu's comments contrast with JPMorgan Chase & Co's Adrian Mowat's who thinks China is already experiencing a hard landing, as slumping car sales, cement and steel production, and builders' shares have indicated.
Sinopec, China's biggest oil refiner slid 0.26 percent to 7.64 yuan. PetroChina Co, the second-biggest industry player retreated 0.39 percent to 10.26 yuan.
Oil has risen 7 percent since the beginning of the year, and 15 percent since October.
Non-ferrous metal producers were the top performer among the industry groups with a jump of 3.42 percent on average, pulling up the index. Sichuan Western Resources Holding and Kingray New Materials both soared by the 10 percent daily limit to 19.38 and 14.51 yuan. Inner Mongolia Baotou Steel jumped 4.26 percent to 71.91 yuan.
The Shanghai Composite Index edged up 0.23 percent, or 5.45 points, to 2,410.18 with a turnover of 103 billion yuan (US$16.2 billion).
IMF's deputy managing director, Zhu Min said in Hong Kong today that, China will avoid an economic hard landing due to strong investment. But inflation remains a long-term challenge for China.
However, Zhu's comments contrast with JPMorgan Chase & Co's Adrian Mowat's who thinks China is already experiencing a hard landing, as slumping car sales, cement and steel production, and builders' shares have indicated.
Sinopec, China's biggest oil refiner slid 0.26 percent to 7.64 yuan. PetroChina Co, the second-biggest industry player retreated 0.39 percent to 10.26 yuan.
Oil has risen 7 percent since the beginning of the year, and 15 percent since October.
Non-ferrous metal producers were the top performer among the industry groups with a jump of 3.42 percent on average, pulling up the index. Sichuan Western Resources Holding and Kingray New Materials both soared by the 10 percent daily limit to 19.38 and 14.51 yuan. Inner Mongolia Baotou Steel jumped 4.26 percent to 71.91 yuan.
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