Friday , July 20 2018
Breaking News
Home / International Markets / China stocks up by break, Shanghai Composite climbs 0.4%
China stocks up by break, Shanghai Composite climbs 0.4%

China stocks up by break, Shanghai Composite climbs 0.4%

BEIJING: China’s stocks started positive, freezing the benchmark index’s largest fall in five years, as slowing inflation strengthened the case for further economic ease.
Kweichow Moutai Co. jumped 3.6 percent as consumer companies least reliant on the economy advanced. Zhe Jiang Daily Media Group surged 9.2 percent to lead a rally for media stocks. Citic Securities Co. paced declines for financial companies, sliding 2.9 percent after its shares doubled over the past month. China Life Insurance Co. slumped 3.5 percent after valuations reached the highest levels in almost two years.
The Shanghai Composite Index (SHCOMP) climbed 0.4 percent to 2,867.55 at the 11:30 a.m. break, after plunging 5.4 percent yesterday. Consumer prices rose 1.4 percent last month, compared with October’s 1.6 percent increase. Both the inflation rate and producer prices dropped more than forecast.
“The room for further targeted stimulus or easing in policies is clearly reinforced by the very low inflation figures that we are seeing,” said Gerry Alfonso, a China equity sales and trading director at Shenyin & Wanguo Securities Co. in Shanghai.
The CSI 300 Index rebounded from yesterday’s 4.5 percent plunge, adding 0.9 percent. The Hang Seng China Enterprises Index slid 0.3 percent, dragged down by losses for financial and energy stocks. The Hang Seng Index fell 0.2 percent.
Chinese stocks, bonds and the currency tumbled yesterday after policy makers said riskier bonds can no longer be used as collateral for some short-term loans.