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Stocks swing on slower growth and higher inflation
By Feng Jianmin |
August 11, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fluctuated in the morning session between gains and losses on July's economic data showing a slowdown in industrial expansion and highest inflation rate this year.
The benchmark Shanghai Composite Index edged up 0.02 percent, or 0.54 points, to close at 2,595.81 points. Turnover shrank to 49.4 billion yuan (US$ 7.3 billion) from yesterday morning's 68 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.12 percent to close at 1,086.95 points.
China's top statistics bureau said today that industrial production increased 13.4 percent from last year, but the growth rate was 0.3 percentage point down from last month.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier as expected by market watchers.
Property developers outperformed the market on speculation that interest rates will remain stable as inflation may have peaked. China Union Holdings climbed 7.4 percent to 5.08 yuan. China Vanke rose 2.14 percent to 8.13 yuan. Poly Real Estate Co edged up 0.65 percent to 12.35 yuan.
Tibet and Xinjiang related stocks gained after local governments introduced aiding plans to the regions to boost investment and trade. Xinjiang Urban Construction Co surged 7.26 percent to 12.56 yuan. Xinjiang Tianye climbed 5 percent to 12.10 yuan. Tibet Shengdi Co advanced 5.68 percent to 13.21 yuan.
The benchmark Shanghai Composite Index edged up 0.02 percent, or 0.54 points, to close at 2,595.81 points. Turnover shrank to 49.4 billion yuan (US$ 7.3 billion) from yesterday morning's 68 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 0.12 percent to close at 1,086.95 points.
China's top statistics bureau said today that industrial production increased 13.4 percent from last year, but the growth rate was 0.3 percentage point down from last month.
The Consumer Price Index, the main gauge of inflation, rose 3.3 percent last month from a year earlier as expected by market watchers.
Property developers outperformed the market on speculation that interest rates will remain stable as inflation may have peaked. China Union Holdings climbed 7.4 percent to 5.08 yuan. China Vanke rose 2.14 percent to 8.13 yuan. Poly Real Estate Co edged up 0.65 percent to 12.35 yuan.
Tibet and Xinjiang related stocks gained after local governments introduced aiding plans to the regions to boost investment and trade. Xinjiang Urban Construction Co surged 7.26 percent to 12.56 yuan. Xinjiang Tianye climbed 5 percent to 12.10 yuan. Tibet Shengdi Co advanced 5.68 percent to 13.21 yuan.
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