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Shares up 1.82% on rate cut speculation

(Xinhua)
Updated: 2009-02-10 16:04

Chinese shares gained 1.82 percent on Tuesday, rising for the third consecutive trading day, fueled by speculations that the central bank might cut interest rates as January inflation data posted the lowest growth in more than two years.

Related readings:  China's consumer price index up 1.0% in Jan  Prices indices reflect deflation threats Shares end 2% higher upon market confidence rally   China shares soar on better indicators

The consumer price index (CPI) went up 1 percent last month from a year earlier, while the producer price index (PPI), another measure of inflation at the wholesale level, was down 3.3 percent year-on-year, the National Bureau of Statistics said on Tuesday.

The Shanghai Composite Index gained 40.45 points, or 1.82 percent, to close at 2,265.16, and the Shenzhen Component Index was up 2.2 percent, or 177.87 points, to 8,265.56.

Combined turnover was 213.81 billion yuan ($31.3 billion), down from 235.5 billion yuan on the previous day.

This provided further room for (the Chinese government's) monetary easing to support growth, Barclays Capital Research said in a report to its clients.

The People's Bank of China (central bank) has cut interest rates five times since September 15 in an effort to stimulate the economy.

Shares of property developers gained boosted by speculation of an interest rate cut. China Vanke, the country's largest residential real estate developer, climbed 3.04 percent to 8.14 yuan. Shares of the Poly Real Estate Group Co edged up 0.92 percent to 18.61 yuan.

Shares of non-ferrous metals and petrochemical enterprises also gained on news the government was going to unveil measures to boost the two sectors.

According to media reports, the government was going to raise the threshold for windfall tax, or special oil gain levy, to $60 per barrel from current $40.

China began to levy windfall tax on crude oil from 2006 as a part of the move to reform the country's pricing mechanism of refined oil products which would connect domestic price more closely to the international market while giving subsidies to people fragile to high price of oil products.

PetroChina added 4.86 percent to 11.87 yuan. Sinopec was up 3.25 percent to 8.89 yuan.

Yunnan Copper Co Ltd and Huludao Zinc Industry Co Ltd both rose by the daily 10 percent limit to 14.38 yuan and 4.58 yuan, respectively. Jiangxi Copper Corp grew 9.98 percent to 18.41 yuan.