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Stronger data power Chinese shares
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SHANGHAI stocks rose today, bolstered by cyclical shares, after key economic data for July came in better than expected, adding signs to resilience in the world’s second largest economy.
The benchmark Shanghai Composite Index gained 0.36 percent to 2,052.24 points. The barometer gained 1.1 percent this week, the third straight week of advance.
Data from the National Bureau of Statistics showed China’s Consumer Price Index rose an annualized 2.7 percent in July, unchanged from June, leaving room for policy stimulus.
The Producer Prices Index, a gauge of inflation at the wholesale level, fell 2.3 percent in July year on year, narrowing from a decline of 2.7 percent in June.
The slowdown in PPI deflation signaled warmer market demand and stabilization in the world’s second largest economy.
China’s industrial production rose 9.7 percent in July, accelerating from an 8.9 percent gain in June, while the growth of retail sales slowed slightly to 13.2 percent year on year after rising fastest this year at 13.3 percent in June.
Non-ferrous metal producers led the market up. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, surged by the daily limit of 10 percent to 28.16 yuan. Xiamen Tungsten Co jumped 6.6 percent to 30.92 yuan.
Coal producers also advanced. Shanxi Lu'an Environmental Energy Development Co rose 3.6 percent to 12.62 yuan. Shanxi Lanhua Sci-Tech Venture Co increased 2.2 percent to 12.87 yuan.
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