China™s stocks rose
for a second day as official data showing inflation slowing more than
forecast spurred speculation the government will further ease monetary
policy to boost the world™s second-biggest economy.
Financial and material
companies led gains, with Poly Real Estate Group Co. and Inner
Mongolian Baotou Steel Union Co. climbing more than 2 percent. The
consumer-price index rose 0.8 percent in January, compared with the
projection for a 1 percent increase, while the slide in factory gate
prices deepened to 4.3 percent, extending a stretch of declines to 35
months.
The Shanghai Composite
Index climbed 0.7 percent to 3,116.52 at 10:13 a.m. The data add to
concern demand is weakening and put pressure on the central bank to
lower borrowing costs to sustain economic growth. Data for January
showed imports falling by the most in more than five years,
manufacturing gauges signaling a contraction and services expanding at
the weakest pace in six months.
The CSI 300 Index rose
1 percent. Hong Kong™s Hang Seng China Enterprises Index added 0.4. The
Hang Seng Index lost 0.1 percent. The Shanghai index has gained 51
percent over the past year, the second-best performer among 93 global
benchmarks tracked by Bloomberg. It™s valued at 11.6 times 12-month
projected earnings, compared with the five-year average multiple of
10.3, according to data compiled by Bloomberg.
Source : Bloomberg
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