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Stocks rise as inflation seen cooling
By Feng Jianmin |
November 8, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning session on speculation that inflation has cooled in October and the central government will allow easier monetary policies.
The Shanghai Composite Index added 0.48 percent to 2,521.95 points. Turnover was 41.1 billion yuan (US$6.55 billion).
Analysts estimated that inflation in October would fall to 5.1 to 5.5 percent from September's 6.1 percent, according to reports by Guotai Junan Securities and Tebon Securities. The official economic data is due tomorrow.
Gold miners led the gainers after bullion prices rose 2 percent yesterday in New York. Zijin Mining Co jumped 2.1 percent to 4.86 yuan. Zhongjin Gold Corp added 1 percent to 23.14 yuan.
Property developers extended previous losses after home sales in major cities, including Shanghai, Beijing and Wuhan, continued to drop as buyers wait for price cuts.
Premier Wen Jiabao said during the weekend that the central government would resolutely carry out tightening measures in the property market to help prices return to normal.
China Vanke fell 1.6 percent to 7.56 yuan. Gemdale Corp lost 1.5 percent to 4.76 yuan.
The Shanghai Composite Index added 0.48 percent to 2,521.95 points. Turnover was 41.1 billion yuan (US$6.55 billion).
Analysts estimated that inflation in October would fall to 5.1 to 5.5 percent from September's 6.1 percent, according to reports by Guotai Junan Securities and Tebon Securities. The official economic data is due tomorrow.
Gold miners led the gainers after bullion prices rose 2 percent yesterday in New York. Zijin Mining Co jumped 2.1 percent to 4.86 yuan. Zhongjin Gold Corp added 1 percent to 23.14 yuan.
Property developers extended previous losses after home sales in major cities, including Shanghai, Beijing and Wuhan, continued to drop as buyers wait for price cuts.
Premier Wen Jiabao said during the weekend that the central government would resolutely carry out tightening measures in the property market to help prices return to normal.
China Vanke fell 1.6 percent to 7.56 yuan. Gemdale Corp lost 1.5 percent to 4.76 yuan.
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