1st rise in 5 trading days
By Joyce Pan |
August 12, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday for the first time in five trading days, as the release of financial figures eased worries over a tightened fiscal policy.
The Shanghai Composite Index rose 0.46 percent, or 14.97 points, to 3,264.73.
Turnover fell to 122.59 billion yuan (US$18.03 billion) from 153.09 billion yuan on Monday.
"The economic data signal that the loose monetary policy will continue as the government wants to bolster economic growth," said Kang Hongtao, an analyst at Guoyuan Securities Co.
Consumer prices dipped 1.8 percent last month on an annual basis, and producer prices fell 8.2 percent last month.
Shares of consumer goods firms increased after retail sales rose 15.2 percent last month from a year ago. Qingdao Haier added 6.36 percent to 16.06 yuan after reporting first half profit climbed 21 percent.
Real estate developers gained after home prices rose last month.
Gemdale Corp added 0.98 percent to 16.44 yuan.
The Shanghai Composite Index rose 0.46 percent, or 14.97 points, to 3,264.73.
Turnover fell to 122.59 billion yuan (US$18.03 billion) from 153.09 billion yuan on Monday.
"The economic data signal that the loose monetary policy will continue as the government wants to bolster economic growth," said Kang Hongtao, an analyst at Guoyuan Securities Co.
Consumer prices dipped 1.8 percent last month on an annual basis, and producer prices fell 8.2 percent last month.
Shares of consumer goods firms increased after retail sales rose 15.2 percent last month from a year ago. Qingdao Haier added 6.36 percent to 16.06 yuan after reporting first half profit climbed 21 percent.
Real estate developers gained after home prices rose last month.
Gemdale Corp added 0.98 percent to 16.44 yuan.
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