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Stocks up as EU, inflation fears subside
By Feng Jianmin |
October 17, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose slightly today on easing worries over the European debt crisis and on speculation that China's domestic inflation has peaked.
The gains were however moderated by the weak property sector.
The benchmark Shanghai Composite Index edged up 0.37 percent to 2,440.4 points. Turnover was 57.7 billion yuan (US$ 9.1 billion).
European officials' strategy to end the 2-year sovereign debt crisis over the weekend won the backing of Group of 20 financial leaders from major economies including the US, Britain, Canada and China. They urged the region's leaders to deal "decisively" with the turmoil when they meet for emergency talks next weekend.
Meanwhile, China International Capital Corporation said in a report today that Chinese stocks would extend recent rallies as inflation may have peaked and excessive pessimism and capitulation possibly signaled that equity markets were bottoming out.
Property developers fell after reports showed that banks in China have raised home mortgage interest rates by 20 to 30 percent amid a liquidity drought. The measure will increase home buyers' financial burden and may further weigh down the already cool property market. Gemdale Corp lost 1 percent to 4.82 yuan.
Banks gained. Bank of China inched up 0.3 percent to 3.01 yuan. China Merchants Bank rose 1.7 percent to 11.88 yuan.
Consumer staple producers led the gainers. Kweichow Moutai Co, China's biggest liquor maker, rose 2.1 percent to 195.46 yuan. Wuliangye Yibin Co added 1.7 percent to 36.58 yuan.
The gains were however moderated by the weak property sector.
The benchmark Shanghai Composite Index edged up 0.37 percent to 2,440.4 points. Turnover was 57.7 billion yuan (US$ 9.1 billion).
European officials' strategy to end the 2-year sovereign debt crisis over the weekend won the backing of Group of 20 financial leaders from major economies including the US, Britain, Canada and China. They urged the region's leaders to deal "decisively" with the turmoil when they meet for emergency talks next weekend.
Meanwhile, China International Capital Corporation said in a report today that Chinese stocks would extend recent rallies as inflation may have peaked and excessive pessimism and capitulation possibly signaled that equity markets were bottoming out.
Property developers fell after reports showed that banks in China have raised home mortgage interest rates by 20 to 30 percent amid a liquidity drought. The measure will increase home buyers' financial burden and may further weigh down the already cool property market. Gemdale Corp lost 1 percent to 4.82 yuan.
Banks gained. Bank of China inched up 0.3 percent to 3.01 yuan. China Merchants Bank rose 1.7 percent to 11.88 yuan.
Consumer staple producers led the gainers. Kweichow Moutai Co, China's biggest liquor maker, rose 2.1 percent to 195.46 yuan. Wuliangye Yibin Co added 1.7 percent to 36.58 yuan.
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