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A-Shares Spike on PPI, PBoC Statement; ChiNext Plummets
The Shanghai Composite Index increased 2.7% to close at 3,076.65, while the Shenzhen Composite Index grew 3.01% to close at a peak of 1,085.65 on November 2. Trading volume on the Shanghai and Shenzhen Stock Exchanges reached RMB 154.85 billion and RMB 99.31 billion, respectively.
Shares of COFCO Property (Group) (000031.SZ) soared 9.44% after reported that it earned RMB 131.19 million in net profit in the third quarter, up from RMB 127.58 million one year ago. China Enterprise Company Limited (600675.SH) rose 9.3%, Shanghai Wanye Enterprises (600641.SH) grew 7.16% and Shanghai Industrial Development (600748.SH) climbed 6.53%, while Shanghai Shimao (600823.SH) gained 4.14% off its own encouraging third quarter report.
China's producer price index stood at 55.2% in October, up 0.9 percentage points month-on-month, according to statistics released by the China Federation of Logistics & Purchasing on November 1.
The People's Bank of China (PBoC) expected demand for bank loans to increase steadily, and China's consumer price index to continue to rebound in the fourth quarter, reports China Daily quoting the PBoC last Friday. The bank expects mid- and long-term credit to increase "substantially," while bill-financing, which facilitates short-term credit, to continue to fall as central bank policies ensure that financing flows into the real economy, rather than stock market speculation, the report said.
Of the 28 companies that listed on ChiNext on October 30, 20 saw trading cut short after declining 10% on November 2, while 25 of the 28 sank more than 6%, 022net.com reported.
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