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BIZCHINA / Index & Statistics
Stocks finish up despite multiple pressures
By Li Zengxin (chinadaily.com.cn)
Updated: 2007-09-10 16:37
Stocks in the paper, petrochemical and culture and media industries were
the best performers of the day. The real estate shares led the fell in
the morning but their resurgence in the afternoon contributed to
stabilize and push up the indices.
This week, a series of macroeconomic data will be released to the public.
The product price index (PPI) for manufactured goods in August grew 2.6
percent year on year, said the National Bureau of Statistics today. The
purchasing price of raw materials, fuel and?power was up 3.8 percent year
on year, 0.2 percentage points higher over July.
Analysts expect the CPI growth rate last month to exceed the 10-year
monthly high of 5.6 percent in July, adding more inflationary pressure to
an already heated economy. More tightening measures may be announced very
soon pending the results, market experts said.
The yuan reached a new high against the US dollar as the central parity
exchange rate was set at 7.5252 yuan today. The yuan bypassed the 7.54
and 7.53 marks and rose 159 basic points from last Friday, refreshing the
record for the 58th time this year.
The mounting foreign exchange reserves, which topped US$1.33 trillion at
the end of June, are one of the forces pushing up the yuan's value. The
good news is China Investment Co Ltd, the State forex investment company
to make better use of the country's huge?forex reserves, is expected to
start operations this week, said Monday's China Securities Journal.
The benchmark Shanghai Composite Index has almost doubled since the
beginning of the year despite a 2.16-percent slump?last Friday. The total
market value of the floating shares on the two stock exchanges surpassed
8 trillion yuan last week. The high price levels of stocks have
introduced higher market volatility, analysts believe.
Shang Fulin, chairman of the China Securities Regulatory Commission
(CSRC), on Friday urged securities regulators and brokerages to conduct
effective education on domestic investors. "The regulators and dealers
should help investors raise their risk awareness and clamp down on market
irregularities," Shang said at a meeting on investors' risk education
held in Beijing.
Fan Fuchun, CSRC's vice chairman, said, "The emphasis of risk education
should be placed on the vast majority of small investors and investors
with low incomes to give them a clear understanding of the current market
situation." "Risks are increasing with the quick market expansion, new
forms of market irregularities and weak risk awareness of many
investors," Shang added.
As one of the new moves by the government to vent steam from the heated
domestic stock market, the H-share investment plan requires more time for
preparation and the exact time for its debut is undecided yet. China has
finished at least half of the preparations for the local residents'
direct investment in the Hong Kong stock market, Zhu Min, vice president
of Bank of China, said Saturday.
"The preparations are going smoothly, but there are still many technical
problems yet to be addressed," Zhu said in Dalian. "It takes a lot of
time to prepare new software and investor education, and train staff
members. However, we have no plan to delay it," he said.
"Tianjin is the only pilot city. It's hard to say if the program will
expand to other cities in the future," Zhu noted in response to earlier
media reports saying the program would be expanded to many other cities
and be launched in early September.
(For more biz stories, please visit Industry Updates)
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