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Shanghai shares gain amid hope of more stimulus after CPI weakens
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SHANGHAI stocks gained for the first time in four days as lower-than-expected consumer inflation in September fuelled hope for more stimulus measures.
The key Shanghai Composite Index rose 0.6 percent, or 14.20 points, to 2,373.67. Turnover was 171.8 billion yuan (US$28.2 billion) at the trading close.
Data from the National Bureau of Statistics showed today that China’s Consumer Price Index rose 1.6 percent in September, the lowest rate in nearly five years, while the Producer Price Index fell 1.8 percent, decelerating further from a deflation of 1.6 percent in August.
The deceleration reflected economic climate is deteriorating and offers more leeway for policymakers to step up easing measures to boost economy, analysts said.
“Inflation data indicated the contradiction between overcapacity and scant demand is worse than expected,” analysts with Shenyin & Wanguo Securities said. “It confirmed our view that taking measures to boost growth will become the top priority for future decision making.”
The brokerage expected the government to cut interest rate by 25 basis points to further reduce funding costs and restore market vitality.
Securities houses gained the most amid media reports that a group of brokerages have received approval from Shanghai Stock Exchange to provide trading services for the imminent Shanghai-Hong Kong Stock Connect, a pilot program that will allow mutual access between stock markets in the two cities.
Haitong Securities gained 2.3 percent to 10.27 yuan. CITIC Securities added 2.8 percent to 13.34 yuan. Sinolink Securities jumped 3.8 percent to 25.29 yuan.
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