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Stocks edge up as lower CPI expected

(Shanghai Daily)

17:50, December 07, 2011

SHANGHAI'S key stock index rose for first in three days today as investors stayed upbeat about the upcoming European Union leaders' summit and China's consumer price index release.

The Shanghai Composite Index edged up 0.29 percent to end at 2,332.73 points after two straight daily losses. Turnover stood at 39.7 billion yuan (US$6.26 billion).

Investors expected European leaders to make substantial progress in forming a closer fiscal union at the summit later this week to avoid an escalating and contagious debt crisis after Standard & Poor's warned of credit downgrades across the region on Monday.

Meanwhile, China's CPI for November, due for release on Friday, added to the market upside as the figure is anticipated to drop to under 5 percent -- the lowest level this year.

Financials led the advance in the morning session on speculation that the eased EU debt crisis and curbed inflation may take pressure off liquidity, which is constrained by relatively tight monetary policies.

The Agricultural Bank of China gained 0.4 percent to 2.57 yuan. China Merchants Bank rose 1.2 percent to 11.90 yuan. Ping An Insurance Group jumped 3 percent to 37.93 yuan.

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