China’s benchmark stock index rose to the highest level in a week, led by financial companies and airlines, before the release of economic data including industrial production.
Bank of China Ltd. and Shanghai Pudong Development Bank Co. advanced more than 2 percent. China Southern Airlines Co. jumped by the 10 percent daily limit and China Eastern Airlines Corp. surged 7.5 percent as crude oil traded below $49 a barrel.
The Shanghai Composite Index gained 0.8 percent to 3,311.91 at 9:55 a.m. local time. The CSI 300 Index added 1 percent. Hong Kong’s Hang Seng China Enterprises Index climbed 0.4 percent, while the Hang Seng Index slipped 0.2 percent.
The statistics bureau is due to release January-February data on industrial production, retail sales and fixed-asset investment at 1:30 p.m. Factory output probably rose 7.7 percent from a year earlier, retail sales increased 11.6 percent and fixed-asset investment grew 15 percent, according to the median estimates of Bloomberg surveys. The January-February data are combined to adjust for the impact of the Chinese New Year, the date of which changes from year to year.
The data come a day after producer prices fell 4.8 percent in February, extending a record run of declines to 36 months. While consumer prices beat estimates with a 1.4 percent rise, it may be too early to conclude deflation risks have abated because last month’s Lunar New Year holiday festivities boosted costs.
Orient Securities Co. and nine other companies will start selling initial public offering shares. A total of 23 IPOs this week are expected to freeze about 3 trillion yuan ($479 billion), according to the median estimate of 12 brokerages surveyed by Bloomberg News.
Source : Bloomberg